Utila nearly triples valuation with $22 million Series A round

• Utila raises $22 million in extension round
• Institutional demand for stablecoin infrastructure grows
• Startup expands customers and focuses on global expansion

Utila, a stablecoin infrastructure company, announced it has raised $22 million in a Series A extension round led by Red Dot Capital Partners. The company noted that the operation "nearly tripled" its valuation in just six months after its initial $18 million round.

According to co-founder and CEO Bentzi Rabi, investor demand grew significantly following the IPO of Circle, the issuer of the USDC stablecoin, on the New York Stock Exchange in June.

“We saw more movement especially after Circle’s successful IPO”

Rabbi stated.

The extension included participation from Nyca, Wing VC, Digital Currency Group, Cerca Partners, Funfair Ventures, and SilverCircle, the latter being a new investor. Red Dot will also take a seat on the company's board. Despite the new funding, Utila emphasized that it has not yet used most of the funds raised in the previous Series A.

The funding will be used to expand the platform's infrastructure in response to the growing institutional demand for secure and scalable stablecoin solutions. Rabi described Utila as "the operating system for stablecoins," offering features such as custody, multi-signature wallets, transaction orchestration, regulatory compliance, banking integrations, and digital asset insurance.

According to the company, its customer base has more than doubled since March, surpassing 200 institutions. The platform now processes over $15 billion in monthly volume and has accumulated $90 billion in total transactions. Rabi highlighted that "several publicly traded companies" are among its clients, although he declined to reveal their names due to confidentiality agreements.

The current team of around 40 employees is expected to grow with the hiring of 15 to 20 professionals later this year, strengthening sales, support, and research. Utila's development plan includes simplifying gas operations on blockchains, expanding multichain support, and expanding liquidity on- and off-ramps.

Founded in 2022, the company has already raised over US$51 million in total and competes with players such as Fireblocks, Anchorage Digital, and Copper in the institutional infrastructure market for stablecoins.