China DEFI startup Babel Finance pocketed $40 million

SHANGHAI, May 10 (Reuters) – Hong Kong-based crypto lender and asset manager Babel Finance said on Monday it has secured funding from investors including Zoo Capital, Sequoia Capital China and Dragonfly Capital.

The $40 million fundraising, which also includes BAI Capital and Tiger Global Management, shows growing investor interest in Asia’s cryptocurrency players, Babel Finance said.

Babel CEO Flex Yang told Reuters that the round of strategic Series A fundraising, while not adding much to free cash flow, marked an alliance with traditional finance players.

It also marks debuts in Asia’s crypto finance industry for U.S. investment firm Tiger Global Management, European investor BAI Capital and Zoo Capital, the venture arm of China-focused private equity firm Boyu Capital.

Read full post here: Babel Finance raises $40 mln as interest grows in Asian crypto

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