BCB Group, a U.K.-based business banking challenger for the crypto industry, has raised $4.5 million in a funding round co-led by North Island Ventures and Blockchain.com Ventures, with participation from Pantera, L1 Digital and Pack Capital.
BCB Group CEO Oliver von Landsberg-Sadie said the firm has not urgently needed to raise capital because it is profitable. Still, he said the time had come to attain more licenses – and also make a push into Switzerland and Singapore.
“We want more regulatory licenses in the U.K., EU and Switzerland,” Landsberg-Sadie told CoinDesk in an interview. “These are expensive, not just from a working capital point of view in terms of funding staff. But there's also a regulatory capital aspect. Where our licenses become more bank-like, we have to hold more capital on the balance sheet in reserve.”
Landsberg-Sadie said one of the interesting (and expensive) licenses BCB is pursuing is the Swiss Fintech license, which comes with a connection to the Swiss National Bank.
Last month, BCB Group launched a treasury services offering aimed at crypto curious chief financial officers.
BCB has seen about 19-times volume growth over the past 12 months, Landsberg-Sadie said, and in February 2021 the firm processed over $4 billion in payments and trades, according to a press release. Previously, BCB raised $1 million back in May 2019 from crypto investment bank NKB and an angel investor.
The firm plans to raise again later this year, Landsberg-Sadie said.
“We are going to raise again later this year, probably on a larger scale in the $10 million to $15 million range,” he said.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.