Libra raises $15m in Series B to support launch of new services later in the year

Libra, a blockchain-based technology designed to automate accounting, has raised $15m in its Series B.

The round was led by an unnamed ‘prominent, multi-billion-dollar European family office,’ and also received participation from existing backers including Liberty City Ventures.

Equity from the Series B brings Libra’s total funding efforts to $24.8m.

New York-based Libra is a blockchain-powered technology developer which is focused on converting crypto transactional data into auditable information for institutions. The platform helps to automate and optimise accounting, audit and tax processes for funds, fund administrators, exchanges, trading operations and enterprises.

Users can gain real-time visibility into crypto transaction activity and holdings, helping institutions meet compliance and reporting tasks.

This capital injection will enable Libra to expand its customer offerings, scale its team and grow its customer base. Libra is hoping to move into new customer segments such as miners, lenders and custodians.

Its core product, Libra Crypto Office will also see some more investment to support new products and services due out later in the year.

Libra founder and CEO Jake Benson said, “Libra’s mission is to provide a system of record that allows institutions with crypto transactions to meet the reporting requirements of managers, investors, auditors and regulators.”

Late last year, the company raised $7.8m in its Series A funding round which received contributions from Liberty City Ventures, Boost VC, and Lee Linden.

Earlier in the year, Liberty City Ventures took part in the $65m Series B round of blockchain-powered trust Paxos. The regulated company’s technology lowers settlement risk within the financial industry.

Copyright © 2018 FinTech Global

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