Crypto financial platform Celsius Network hits $3bn valuation

Cryptocurrency earning and borrowing platform Celsius Network hits a $3bn valuation following the close of a $400m investment.

The round was led by growth equity firm WestCap, with a contribution also coming from Canadian pension group Caisse de dépôt et placement du Québec.

This equity injection will help Celsius expand its offering and products as well as create bridges for traditional finance and cryptocurrencies through institutional grade products and offerings.

Funds will also help Celsius double its team from 486 employees to around 1,000 and expand globally through strategic acquisitions.

In October 2021, the FinTech company claimed its total assets crossed the $25bn threshold, including one million customers registered with the platform.

Celsius helps businesses and companies around the world to access a compounding yield service and instant low-cost loans. Its platform helps users buy, borrow and transfer coins. Users can earn up to 17% yield on their crypto, get paid new coins each week, borrow cash at 1% and more.

CDPQ executive vice president and CTO Alexandre Synnett said, “Blockchain technology has the potential to disrupt several sectors of the traditional economy. As digital assets grow in adoption, we intend to capture the right opportunities, while working with our partners towards a regulated industry,”.

“Celsius is the world’s leading crypto lender with a strong management team that puts transparency and customer protection at the core of their operations. CDPQ and WestCap are eager to partner with them to share our expertise in the FinTech sector as they continue to expand their services.”

The company previously raised $18.8m in a funding round in January 2020.

This is not the first FinTech unicorn to receive funds from WestCap this year. The investor recently contributed to the $175m investment of mobile-first travel marketplace Hopper, which is valued at $3.5bn.

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