US-based digital wallet developer Bakkt closed a $300m series B round yesterday that included corporates Microsoft, PayU, Intercontinental Exchange, Boston Consulting Group (BCG) and CMT Digital.
Exchange operator Intercontinental, consulting firm BCG, crypto services provider CMT and PayU, the payment technology subsidiary of e-commerce and media group Naspers, invested directly while software provider Microsoft took part through subsidiary M12.
Enterprise-focused venture capital firm Goldfinch Partners and blockchain investment firm and hedge fund Pantera Capital filled out the round.
Originally formed by Intercontinental Exchange, Bakkt has developed a range of digital currency products, its core offering being a digital wallet that can hold assets as diverse as crypto tokens, loyalty points and in-game assets.
The company has also created adjacent products such as a digital trading platform, payment and loyalty redemption tools.
The funding will be support the launch of Bakkt’s integrated mobile app, which is set to take place in mid-2020, in addition to the acquisition of loyalty program operator Bridge2 Solutions, which was announced last month.
Bakkt had previously raised approximately $183m from M12, BCG, CMT Digital, trading firm Eagle Seven, merchant bank Galaxy Digital, Goldfinch Partners, Pantera Capital, Horizons Ventures, Protocol Ventures and Alan Howard in January 2019 at a $740m valuation.
