Nigerian FinTech Company to List on NYSE, Seeks $500 Million for Expansion

Amber Group, a leading global digital asset platform, today announced a $200 million Series B+ funding round led by investment firm Temasek, with participation from existing shareholders including Sequoia China, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures, among others. A significant follow-up to Amber Group’s $100 million Series B round in 2021, this Series B+ round is the largest investment in Amber Group, valuing the company at $3 billion. The total capital raised at Amber Group now stands at $328 million.

This Series B+ round comes at a time of rapidly increasing adoption of digital assets around the world. This investment reinforces Amber Group’s strategic alignment with its investors, as well as a shared vision for the future of digital assets in a new digital economy.

“By radically transforming the concept of ownership and value in the global economy, digital assets are redefining the way we live outside of the financial ecosystem. At Amber Group, we want to do more than just enable the adoption of consumer digital assets. We want to help create a digital future where digital assets give people the opportunity and the agency to shape a better world for all. We are proud to have the support of our investors who not only share this vision, but also put their capital and trust in us to achieve it,” said Amber Group Global Managing Director Michael Wu.

Founded in 2017, Amber Group has developed expertise serving institutional and consumer markets. With global operations in 12 cities, the Singapore-based company is one of the world’s leading liquidity providers, offering its clients services that include algorithmic execution, market-making electronic and OTC derivatives, structured and advisory services. Amber Group also offers an award-winning consumer app, WhaleFin, and a comprehensive set of creative services and infrastructure in its OpenVerse business.

Amber Group is experiencing phenomenal global growth, with cumulative transaction volume exceeding $1 trillion and assets under management reaching over $5 billion since inception. Amber Group’s institutional business continues to benefit from a strong systematic pricing framework and focus on client service, while the firm’s consumer business, WhaleFin, enables traditional investors to create wealth in the digital age, further democratizing access to the world of crypto-finance. OpenVerse, the creator-centric business of Amber Group, is another key business pillar for the company as it launches support for creators, brands and studios through its suite of services and digital infrastructure.

Amber Group’s industry leadership is reinforced by its commitment to maintaining safety and regulatory compliance. The company is one of the first global digital wealth platforms to achieve SOC (Service Organization Control) 2 Compliance – an external and independent audit that benchmarks industry best practices in IT controls, security and privacy. The company has also expanded its list of licenses after obtaining regulatory approvals from financial market authorities in Australia, the UK, Japan and Switzerland. Amber Group is now expanding into new markets around the world through regulatory licensing and strategic acquisitions, such as the latest acquisition of Japanese crypto exchange, DeCurret Inc.

“This latest funding round will take Amber Group to the next level. In addition to making key hires to support our institutional businesses in Europe and the Americas, where traditional financial institutions and large family offices have attracted tremendous interest, we plan to expand WhaleFin’s global footprint in developed and developing markets around the world and advance OpenVerse, which is already experiencing hyper-growth with a strong lineup of game studios, sports collectibles, digital artists and other partner brands. We will also look beyond business expansion and strategic acquisitions, as part of our commitment to building a sustainable future for all. We will continue to expand our support for sustainability initiatives, with our recent partnership with Whale and Dolphin Conservation (WDC) being just the start of that journey,” added Wu.

“Digital assets are becoming an increasingly important category to watch, especially for institutional investors. With investment in Amber Group’s previous round, we are impressed with the professionalism of Michael and his team, as well as their ability to execute, grow and focus on compliance. We continue to invest in this cycle and believe Amber Group has the potential to become a leading digital asset platform in the Asian market,” said Sequoia China Partner Steven Ji.

“Since Tru Arrow’s initial investment in Amber Group in 2021, it has been clear to us that the company is building a transformational global digital asset institution. Amber Group is showing leadership in the quality of its team , the quality of its regulatory approach and the scale of its ambitions.With this continued endorsement from some of the world’s leading investors, the company continues to deliver on its growth plan without compromising the integrity of its fundamentals. A global investment company bringing together some of the world’s greatest families and entrepreneurs, Tru Arrow is proud to redouble its commitment to Amber Group and usher our collaboration into a new phase of expansion,” said James Rothschild, co-founder and partner. Director at Tru Arrow Partners.

“It is exciting to see the growth of Amber Group, both as an investor and as a business partner. When we initially invested in the company, we had high expectations – the reality exceeded our expectations. Their 24/7 global coverage team helped Pantera execute over $1.1 billion in transactions in 2021 and it continues to grow. The Amber Group team has done a phenomenal job building an institutional-grade platform and we are proud to be a part of their story,” said Dan Morehead, Founder and Managing Director of Pantera Capital.

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