The Series A funding round, led by Valar Ventures by Peter Thiel, provided cryptocurrency service Vauld with investments to scale up its operations.
In addition to Valar Ventures anchor investor Peter Thiel, Vauld is backed by Pantera Capital, Coinbase Ventures, CoinShares, CMT Digital, Gumi Cryptos and Robot Ventures.
“The fundraising goal was twofold: scaling the Vauld team and obtaining licenses in various countries to expand. Vauld has only 40 staff, but by the end of this year, the company plans to hire 200 more people in technology, marketing and customer support, ”said Vauld CEO Darshan Bathija.
About 60% of new hires will be in technical roles, he said, as Vauld plans to bring new products and services to users such as credit cards and bank accounts.
“We believe that the convergence of cryptocurrencies and fiat money is inevitable, and we want to contribute to this transition,” said Batija.
In international expansion plans, Vauld is seeking to obtain related licenses such as lending and money transfer permits in the US, Europe and Australia to expand its client base. The firm has already applied for a payment license in Singapore and is awaiting approval.
Although the Vauld service is already available worldwide, Batiji said the licenses will help the firm to attract customers from these markets legally. Companies in Singapore are allowed to attract customers around the world, but the country’s law states that if a business takes an interest in another country or region, it will need a local license to attract customers there.
“Just like people from India can open a bank account in Singapore, but if Singaporean banks want to create a product and sell it explicitly to Indian customers, they will need a license in India,” he said.
Vauld now has approximately 350,000 customers. By the end of this year, the company plans to attract up to a million customers worldwide, Batia added. Based on the results of the Series A investment round, Vauld’s capitalization reached $ 27.5 million.