US-based financial technology developer Circle raised $60m yesterday in a series D round co-led by IDG Capital Partners, a venture capital affiliate of media company International Data Group, and VC firm Breyer Capital.
The round included internet company Baidu, automotive components manufacturer Wanxiang, fintech company CreditEase, financial services provider Everbright and investment bank China International Capital Corporation’s CICC Alpha fund.
General Catalyst also took part in the round, as did angel investors Sam Palmisano, who was formerly chairman and chief executive of technology company IBM, and Glenn Hutchins, co-founder of private equity firm SilverLake.
Established in 2013, Circle has created consumer finance products, including an app that can be used to instantly send money to friends, which rely on open standards and protocols such as blockchain, the technology best known for powering cryptocurrency Bitcoin.
Circle has so far focused on bringing its technology to users in the US and the UK, with an expansion into mainland Europe, beginning with Spain, due to begin next month.
The company plans to expand into China through Circle China, an independent company formed six months ago but only announced now. Circle China received several million dollars in seed funding from a range of its parent’s series D investors, though further details remain undisclosed.
Circle had previously raised $76m in funding, including a $50m series C round in April 2015 co-led by IDG Capital Partners and investment bank Goldman Sachs that included Breyer, General Catalyst, Accel Partners, Oak Investment Partners, Fenway Summer, Digital Currency Group and Pantera Capital.