Global internet finance company Circle, which is set to go public via SPAC merger later this year, on Tuesday announced a funding round led by BlackRock.
What Happened
Circle entered into an agreement for a $400 million funding round with investments from BlackRock, Fidelity Management and Research, Marshall Wace LLP, and Fin Capital. In addition, BlackRock entered into a broader strategic partnership with Circle, which includes exploring capital market applications for USD Coin.
The funding round is expected to close in the second quarter.
The financing coincides with the company’s renegotiated SPAC merger in which Circle increased its valuation 100 percent from what was originally disclosed, Circle CEO Jeremy Allaire explained Tuesday on CNBC’s “Squawk On The Street.”
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