Utila Raises $22 Million in Series A Extension Round

Utila, a provider of crypto infrastructure focused on stablecoins, recently raised $22 million in a Series A extension round, nearly tripling its valuation just six months after its initial round. This funding was led by Israel-based Red Dot Capital Partners, with contributions from various investors including Nyca, Wing VC, and Digital Currency Group. Interestingly, the funding opportunity arose passively; Utila hadn’t been actively seeking investment, with a substantial portion of its previous $18 million Series A funding still available. The interest from investors surged following the successful IPO of Circle, the issuer of the USDC stablecoin. Utila’s co-founder and CEO, Bentzi Rabi, described the platform as ‘the operating system for stablecoins,’ providing essential infrastructure for institutions to issue and manage stablecoins efficiently. This setup includes features like secure custody, multi-signature wallets, compliance workflows, and integrations with liquidity sources and payment systems. Since March, Utila has doubled its customer base, now serving over 200 clients, processing more than $15 billion monthly and accumulating $90 billion in transactions. The company is expanding its global presence, particularly in North America, Europe, and emerging markets in Latin America, Asia, and Africa, where stablecoins are gaining traction. With this new funding, Utila plans to accelerate its market growth, hiring an additional 15 to 20 employees this year and enhancing its product features to simplify operations across different blockchains. The total funding Utila has secured since its inception in 2022 exceeds $51 million, positioning it strongly against competitors in the institutional crypto space.