South African crypto exchange VALR secures $50m in Series B funding to expand across Africa

VALR, a South African cryptocurrency exchange, has raised a US$50 million Series B funding round, valuing the company at US$240 million. The proceeds will be used to expand across the continent.

VALR, which debuted in 2019, is a digital asset platform that allows customers to buy, sell, store, and transfer Bitcoin and 60 other cryptocurrencies – the most of any platform in Africa – in a seamless and secure manner. It has processed over US$7.5 billion in trading volume to date and currently serves over 250,000 retail customers and 500 institutional clients from around the world.

Pantera Capital led the oversubscribed US$50 million Series B funding round, which included Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR, Third Prime, and Avon Ventures, as well as existing investors Bittrex and 4Di Capital, among others.

VALR will primarily use the funding to expand across Africa and into other emerging markets such as India, as well as to bring more products and services to its growing global customer base. The startup is also aggressively hiring in all areas of its team.

“Society’s financial tools should bring us together, not divide us.” That is why I am thrilled that VALR is assisting in the development of a financial system that recognizes the oneness of the human race. “There is no longer any doubt about the impact crypto assets are having on our global financial system,” said Farzam Ehsani, CEO and co-founder of VALR.

“We already help VALR’s customers enter the new world of cryptocurrency from the traditional financial system using their USD or ZAR, and I’m very excited that this round of funding will allow us to serve so many more people across Africa and the world.”

Pantera Capital partner Paul Veradittakit expressed excitement about leading the Series B round.

“We believe that Africa’s future is bright for the adoption of cryptocurrencies for both asset diversification and payments,” he said. “VALR brings an amazing product and service to onboard both retail customers and institutions.”