Utila, a provider of infrastructure for crypto activities, announced that it has successfully raised $22 million in a recent funding round, which effectively triples its valuation in just six months.
Highlights:
- Led by Red Dot Capital Partners, the funding round attracted participation from other notable investors like Nyca, Wing VC, DCG, and Cerca Partners, bringing total funding to $40 million since the March Series A round.
- Utila focuses on a digital asset operations platform designed for enterprises engaged with stablecoins, catering to clients including payment solution providers and neobanks.
- Plans for expansion are underway, targeting emerging markets in Latin America, Africa, and Asia-Pacific, as stablecoins become a crucial part of financial infrastructures globally.
Utila did not actively seek out this new funding but responded to increased demand for stablecoin operations, doubling its client base and processing over $15 billion in transactions every month.
As demand for stablecoin infrastructures grows, the importance of dollar-pegged tokens is becoming apparent, with stakeholders like Stripe acquiring stablecoin platform Bridge and Circle seeing strong interest following its IPO. Bentzi Rabi, co-founder and CEO of Utila, noted that the recent uptick in interest could be compared to significant moments in crypto adoption, akin to Bitcoin ETF events.
