Blockchain startup Circle completes SeedInvest acquisition after FINRA approval

Blockchain-based payments startup Circle has announced that it has closed the acquisition of equity crowdfunding platform SeedInvest after it received regulatory approval by the Financial Industry Regulatory Authority (FINRA).

Circle first announced its acquisition plans in October 2018 and had said that it will add SeedInvest’s 30 team members to its New York location. In its latest announcement, Circle said:

“We are pleased to announce that after regulatory approval by FINRA, we have closed the acquisition. We are incredibly excited to welcome the SeedInvest family of employees, startups, and investors into Circle.

“SeedInvest joins Circle’s team of more than 300 people and global customer base of more than 8.5M individuals and more than 1,000 institutions.”

Following the acquisition, SeedInvest will continue to operate as before. It enables startups to raise capital directly from investors over the internet.

Circle said that it explore future opportunities enabled by tokenization, adding that it believes that tokenization of financial assets will ultimately unlock capital for growing companies and investment opportunities for people everywhere.

“We will work closely with leading regulators in the US such as the SEC and FINRA as we evaluate the evolution of private capital market products and services using crypto assets and blockchain technology,” it said.

Backed by some of the biggest names in the industry including Goldman Sachs, Circle secured $110 million in Series E funding round last June. Recent reports suggest that the company is seeking to raise a further $250 million.

Citing an anonymous source, news outlet The Information said that Circle is “seeking to raise about $250 million in a combination of equity and debt.”