Quick take:
- The latest fundraising brings the total raised for the Series A round to $40 million.
- The Tel Aviv and New York-based crypto startup plans to use the capital to expand into emerging markets in Latin America, Africa, and the Asia-Pacific region.
- The company said it has nearly tripled its valuation over the last six months.
Utila, the stablecoin infrastructure startup founded in Tel Aviv and New York, has raised $22 million in an extended Series A round led by Red Dot Capital Partners. The Fundraising also attracted participation from Nyca, Wing VC, DCG, and Cerca Partners, according to a report by CoinDesk.
The latest funding brings the total raised for the Series A round to $40 million, following the $18 million announced in March. According to the announcement, the latest round was raised at nearly three times the company’s valuation six months ago. The company also raised $11.5 million in a seed round announced in March 2024.
The company plans to use the fresh capital to expand into emerging markets in Latin America, Africa, and the Asia-Pacific region, amid the rapid adoption of stablecoin payments globally.
Utila’s platform allows non-crypto native enterprises, including payment providers, neobanks, and fintechs, to integrate stablecoin operations in their systems. Some of the services provided by the company include handling payments, treasury and trading functions, while offering compliance and continuity features for businesses.
Utila says it has, since March, doubled its customer base and is now processing over $15 billion in monthly transactions.
According to Bentzi Rabi, co-founder and CEO of Utila, Stripe’s acquisition of stablecoin startup Bridge and Circle’s huge IPO success provided the “Bitcoin ETF moment” for stablecoins.
The stablecoin industry has also been boosted by the signing into law of the GENIUS Act, a bill that provides clarity for issuing tokens pegged to fiat currencies and guidelines for traditional banks looking to integrate digital assets into their systems.
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