US Chartered Crypto Bank Anchorage Raise $350 Million In A Series D Round

US chartered crypto bank Anchorage Digital announced the raise of a $350 million in a Series D funding round.

The funding round was led by private equity giant KKR by investing through its Next Generation Technology Growth Fund II. This is KKR’s first direct equity investment in a crypto firm, according to Anchorage. In September, KKR took a stake in the flagship fund of crypto VC firm ParaFi Capital.

Other participants in the investment round were Goldman Sachs, BlackRock, PayPal Ventures, Andreessen Horowitz (a16z), Alameda Research, Apollo credit funds, GIC (Singaporean sovereign wealth fund), GoldenTree Asset Management, Wellington Management, and private equity firm Thoma Bravo.

To date Anchorage has raised a total funding of over $485 million and it is valued over $3 billion. In February, the firm raised $80 million in Series C funding but did not disclose its valuation at the time.

Interestingly Anchorage hasn’t even spent the funds raised from its Series C round, according to the firm’s co-founder Diogo Mónica. The new round was strategic to bring larger financial institutions on board for growth.

Mónica said:

“Many of these investors are also Anchorage’s clients or are on a path to becoming clients”

With fresh capital at hand, Anchorage plans to scale its team further and expand internationally. The firm’s current headcount is around 200 people, and it looks to double the team size in the next 18 months.

According to Mónica, Anchorage wants to set up regulated entities worldwide, including Asia and Europe.

While there is currently no plan to launch an initial public offering or IPO, but it “might make sense” at some point in the future, said Mónica.