Circle Raises Funds for its Expansion into China

Circle Internet Financial, the Bitcoin services company and wallet provider, has raised $60 million in financing from Chinese investors as it continues expanding its operations in China.

The Boston-based startup plans to use the series D funding for its global development and “nascent expansion into China itself,” cofounders Jeremy Allaire and Sean Neville said in a June 22 blog post, adding that Circle does not yet offer a commercial product or service there, but is committed to developing a “China-native company, with major Chinese owners and investors in both Circle China and Circle Global.”

Circle, which started as a Bitcoin wallet two years ago, has added social payment tools and recently expanded into the U.K.  Circle China, which was formed six months ago, was capitalized with a separate seed investment from many of the same backers in this latest round.

Beijing-based venture capital fund IDG Capital led the series D fund raise, which included strong participation by Breyer Capital. Baidu, Goldman Sachs, Accel Partners and General Catalyst are among some of its earlier investors. The $60 million round brings Circle’s total funding to $136 million to date.

The company also announced Circle Euro support will soon be available to consumers in Spain as the first step of a wider European-wide rollout planned for the coming month. It is still working with regulators, however.