The BCB Group has announced a USD 60 million Series A investment round co-funded by Foundation Capital. The company believes that this might be the largest Series A investment for a UK blockchain startup ever. BCB Groups is a London-based startup catering to the needs of crypto clients such as Bitstamp, Coinbase, and Kraken. It provides them services like business accounts, payment services, and FX custody services. The Circle, Backed VC, and existing backer North Island Ventures also participated in the round with some other undisclosed investors.
The startup will use funds to establish a new partnership between the United States and Singapore. It will also use their additional capital to expand their own yield products. The company founder and CEO Oliver von Landsberg Sadie stated that the target audience for these products will be wealthy people with crypto assets who have shifted from traditional private banking options. He added that the proposed acquisition of Germany’s Sutor Bank will be funded by this Series A round. This deal still requires the approval of the German regulatory agency, BaFin.
Future technology acquisitions are underway, but Landsberg Sadie said the company needs to raise more cash to fully achieve its M&A ambitions. He confirmed that the company is already looking for another round of USD 300 million in funding.
