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About
Summary
Valuation

Founded: 2013

Headquarters: Boston, MA

Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. Circle is the issuer of USDC and Euro Coin - highly liquid, interoperable, and trusted money protocols on the internet. Circle's open and programmable platform and APIs make it easy for organizations to run their internet-scale business, whether it is making international payments, building globally-accessible Web3 apps, or managing their internal treasury.

Key Facts

1

Until a few years ago, there was not an internet-native form of money that could be transacted near-instantly, globally, and in seamless integration with digital commerce. The widespread recognition that the costs of cross-border payments and remittances are far too high, and the speed of these transactions is far too low.

2

Circle is transforming the way money moves by making it more accessible, inclusive, and efficient — increasing economic opportunity and prosperity around the globe.

3

Circle offers reimagined payment processing with a focus on digital currency innovation and open financial infrastructure.

4

Circle provides strong financial infrastructure with traditional payment rail integrations and global reach. Circle’s offering includes production-ready tools for on-chain payments and dynamic balance management.

5

Circle is the principal operator of USDC, a digital dollar, also known as a stablecoin, that’s available 24/7 and moves at internet speed. USDC lives natively on the internet, running on many of the world’s most advanced blockchains. Billions of USDC change hands every day, and every digital dollar of USDC can always be exchanged 1:1 for cash.

6

USDC is a faster, safer, and more efficient way to send, spend, and exchange money around the globe. USDC powers apps to provide access to payments and financial services at any time.

7

USDC makes the concept of settlement times obsolete with payments that can circle the globe and land in accounts as fast as email.

8

USDC reserves are held in custody by BNY Mellon, and active liquidity and asset management is managed by BlackRock.

9

USDC lives natively on 8 blockchains: Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, and Hedera – with more native integrations expected this year and beyond.

10

USDC has also been bridged to Polygon, Fantom, NEAR, Arbitrum, the Cosmos ecosystem, and many more emerging blockchains.

11

Developers trust USDC as a core building block for their apps to deliver real-time payments, trading, and financial services to their users. USDC is a programmable digital dollar that’s open-source, composable, and accessible for anyone to build with.

12

Circle is also the primary issuer of Euro Coin, or EUROC, a euro-backed stablecoin that’s accessible globally on Ethereum and Avalanche. Similar to USDC, Euro Coin is issued by Circle under a full-reserve model.

13

Designed for stability, Euro Coin is 100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros.

14

Together, Euro Coin and USDC unlock new possibilities for multi-currency digital finance and near-instant foreign exchange, where daily volume in traditional markets can top $6.6 trillion globally.

15

Circle’s API Services comprise a powerful suite of infrastructure for diverse digital currency payments and treasury use cases. Circle’s APIs enable customers to build custom payments, commerce, and financial apps on top of the Circle Platform infrastructure.

16

The Circle Account serves as a front door for a suite of APIs that make internet commerce on the blockchain easier than ever. The Circle Account eliminates complexity with a single portal for payments, treasury, and custody. Customers can use Circle’s APIs for Accounts, Payments, and Payouts to build better user experiences on their products.

17

The Circle Account is a full-stack solution that replaces a fractured system for business banking. The Circle Account allows users to securely custody funds, send and receive payments globally and streamline treasury operations all connected through USD Coin (USDC) and integrated with a suite of APIs.

18

With Accounts, companies can create and manage scalable infrastructure to support a variety of funds flows for their business. Companies can store multiple types of digital assets and manage digital ledgers for their users.

19

Circle has re-imagined processing payments to accept global payments across traditional and blockchain rails in one powerful integration. Customers can open new markets and drive down costs with payments infrastructure powered by USDC.

20

Circle payments allow international customers to pay with their preferred payment method from traditional rails like cards and bank transfers, to blockchain rails that span the internet in one unified API. All transactions settle in USDC directly into a Circle Account — where users can convert to a connected bank account or leverage the power of on-chain digital dollars.

21

With Circle Payouts, companies can send faster, lower-cost payouts to all their customers, vendors, and suppliers around the world. Circle provides the infrastructure to automate payout workflows, whether to fund payouts using payments accepted with Circle or directly from funding a Circle Account.

22

With Circle Web3 Services, customers can rapidly deploy smart contracts, custody users’ digital assets, and programmatically manage fund flows across chains on Circle’s fully hosted nodes – cost-effectively and with industry-leading security. Circle’s composable APIs and turnkey SDKs can help build applications at scale.

23

Circle generates revenue through multiple streams. Since one USDC is backed by one U.S. dollar unlike many other stablecoins, Circle is able to earn interest on the deposit reserves, similar to a bank. Circle invests the majority of its assets in U.S. Treasury bills with maturities of no more than 90 days.

24

Circle also generates revenue through a suite of tools and APIs that companies can use to build USDC functionality into their financial systems, with Circle earning transaction and usage fees. Select examples include: (1) If a customer wants to pay vendors in crypto, they can use Circle’s tools to “switch” back and forth between traditional and digital dollars, (2) If a customer wants to invest part of its corporate treasury in crypto, they can use Circle’s tools as an “on-ramp” and “off-ramp” between traditional and digital investments, (3) If a customer wants to offer DeFi products to their customers, they can use Circle’s tools — powered by USDC — to create white-label versions.

25

According to Bloomberg, Circle had $779 million in revenue in the first half of 2023, already surpassing the $772 million for all of 2022. Circle generated $219 million in adjusted earnings before interest, taxes, depreciation, and amortization in the first half, also outpacing the $150 million for all of last year. The company has over $1 billion in cash on its balance sheet as of June, 2023.

26

Circle reached a definitive agreement to acquire Concord Acquisition Group through a (SPAC) reverse merger on July 8, 2021, which would have represented a $9.0 billion valuation for Circle following the completion of the merger. As part of the transaction, Circle was in talks to receive $415 million of development capital from Marshall Wace, Fidelity Management & Research, and Adage Capital Management through a private placement as of July 8, 2021. Consequently, the deal was canceled on December 5, 2022, after Concord’s inability to “consummate a business combination” by a December 10 deadline written into the special-purpose acquisition company’s rules. At the time, Circle hinted that the sluggishness was due to delays at the Securities and Exchange Commission (SEC), according to Forbes.

27

In August 2023, Circle launched its Web3 Services product line with Programmable Wallets, an enterprise-grade platform for developers to rapidly embed secure Web3 Wallets with seamless UX tailored to applications.

28

In October 2023, Circle announced the betanlaunch of two new Web3 Services products: Gas Station and Smart Contract Platform. A follow on to the recent Programmable Wallets launch, the new offerings provide a one-stop-shop for developers to deliver streamlined, interactive and cost-efficient on-chain experiences for their customers.

29

In January 2024, Circle aid it had confidentially submitted plans to launch an initial public offering.

Industry

Primary Vertical

FinTech

Mosaic Score

100

Money - 100

Momentum - 100

Management - 100

Market - 100

What is a Mosaic Score?

Employees: 500


Key Officers

Name Work History Title Status
officer name 1 Founder Current
officer name 2 Founder Current
officer name 3 Founder Current

Customers

Businesses that accept or are transitioning to accept bitcoin payments. Customers that own or trade cryptocurrency

Key Investors

Businesses that accept or are transitioning to accept bitcoin payments. Customers that own or trade cryptocurrency

Size of Market

Businesses that accept or are transitioning to accept bitcoin payments. Customers that own or trade cryptocurrency

Market Position

Businesses that accept or are transitioning to accept bitcoin payments. Customers that own or trade cryptocurrency

Valuation & Fundraising

Last Round: Jan. 2021, Seed

Valuation Post-Money: $10M

 

Amount Raised: $1M

Total Funds Raised: $10M

 

Linqto Implied Valuation: $10M


Funding Rounds

Date Round Amount Valuation
01/01/2021 Seed $11M $11M
01/01/2021 Seed $11M $11M
01/01/2021 Seed $11M $11M

Valuation Over Time

Linqto Chart

1 buyback

Competitive Landscape

Company Valuation Revenue

Company Name

San Francisco, California

$65.3B $1.3B

Company Name

San Francisco, California

$65.3B $1.3B

Company Name

San Francisco, California

$65.3B $1.3B

Company Name

San Francisco, California

$65.3B $1.3B