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Jun

22

Circle Raises $60 Million in Funding Round Backed by Baidu, IDG

By Tony Seruga

Series D round includes former IBM CEO Sam Palmisano
Circle has set up independent company in China with local team

Circle Internet Financial raised $60 million in a funding round backed by Baidu Inc. as the startup that allows users to send payments for free also formed a China business to win customers in the second-largest economy.

Sam Palmisano, former chairman of International Business Machines Corp., and IDG Capital Partners supported the Series D financing, Circle said in a statement. Alex Norstrom, an executive at Spotify Ltd., will join the company’s board.

Founded in 2013, Circle uses bitcoin’s blockchain technology so customers can instantly send payments in a message that can be accompanied by emojis or GIFs. Commercial services to Chinese consumers, where it will come up against Tencent Holdings Ltd. and Alipay, will start once the company gets regulatory approval and finds banking partners…

Circle Raises $60 Million in Funding Round Backed by Baidu, IDG

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