Quick take:
- Dakota plans to use the fresh capital to accelerate its “mission to build the world’s first globally accessible business bank account.”
- The stablecoin-powered platform, founded by veterans from Coinbase, Square, and Airbnb, wants to change how businesses move and store money across borders.
- Dakota allows businesses to hold and transfer funds across USD or stablecoins while accessing familiar payment rails, such as ACH, Fedwire, SWIFT, and SEPA.
Dakota, a stablecoin-enabled modern business banking platform, has raised $12.5 million in a Series A funding round led by CoinFund, with participation from 6th Man Ventures (6MV) and Triton Ventures, the company said in a press release shared with NFTgators.
According to the announcement, Dakota plans to use the fresh capital to accelerate its “mission to build the world’s first globally accessible business bank account,” including expanding its product suite and geographical reach.
Founded by veterans from Coinbase, Square, and Airbnb, the platform wants to change how businesses move and store money across borders. Dakota allows companies to hold and transfer funds across USD or stablecoins while accessing familiar payment rails, such as ACH, Fedwire, SWIFT, and SEPA, according to the release.
By leveraging blockchain technology, Dakota enables near-instant, verifiable transfers, keeping customer funds fully reserved and under the client’s control. The company claims to have already attracted over 500 business customers since launching in 2023. Its customer pool ranges from tech startups to international nonprofits, processing billions of dollars in annualised transaction volume, the company said.
“Companies are increasingly default global and they’re being hamstrung by slow wire transfers, limited banking access, and the reality that once money goes into a bank, customers lose control,” said Ryan Bozarth, CEO and co-founder of Dakota. “Our goal with Dakota is to bring banking into the internet age — giving businesses the ability to move money as instantly and freely as information travels, without sacrificing security or compliance.”
The announcement comes amid growing optimism for the legislation of cryptocurrencies tied to fiat currencies in the U.S.
“We believe stablecoins can revolutionise business banking,” said Alex Felix, CIO of CoinFund. “Dakota is unlocking that potential by combining the familiarity of a bank account with the power of crypto rails. They’re not asking mainstream businesses to change how they operate — they’re upgrading the engine under the hood.”
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