Wednesday, August 4, 2021

Fintech developer Securrency raises $30 million, to expand in UAE

DU(BA)I (Reuters) – Securrency, which develops digital infrastructure for banks and other financial service providers, said on Monday it had raised $30 million it its latest funding round, valuing the company at around $110 million.

The Washington D.C.-based startup’s Chief Executive Dan Doney told Reuters proceeds would be used to produce blockchain-based infrastructure for investors like State Street and U.S. Bank, and roll out a mobile wallet and fund management platform.

It will also expand in the United Arab Emirates (UAE), where it already has an office, to provide financial services.

Securrency develops blockchain and automated compliance tools that banks and other financial service providers use to instantly trade, settle and make payments.

The company expects to earn around $2 million in revenue this year, the same as in 2020, Doney said, with a “significant increase” expected in 2022 after new products are rolled out this year.

Securrency plans to hire more staff, including 30 to 50 engineers based in the UAE. Engineers will also hired in the U.S.

“We believe the region is very well positioned between the Asian and European markets to become a global leader in finance,” Doney said of the Middle East, with the company to use its Abu Dhabi office as a hub.

Securrency, registered as a technology company in the UAE, has applied in Abu Dhabi to provide broker services and fund administrator services, which Doney said subsidiaries would operate.

The Series B investors included existing investor WisdomTree Investment along with Abu Dhabi state fund Mubadala-backed Abu Dhabi Catalyst Partners, State Street and U.S. Bank.

Securrency, began operations in 2015, last year raised $17.65 million in a Series A funding round.

Reporting by Alexander Cornwell; Editing by Jane Merriman and Bernadette Baum

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