- Klickl International raised $25 million in an oversubscribed Series A funding round, increasing its valuation to $125 million.
- Klickl plans to launch Klickl Labs and Klickl Foundation in Q4 2024 to focus on partnerships and ecosystem development in emerging markets like the Middle East and Africa.
- Web3Port Foundation and Aptos Labs will play key roles in Klickl’s expansion, with the former as a Limited Partner in the Web3 Fund and the latter providing blockchain infrastructure.
- The company aims to expand its Web3 banking services in emerging markets, supported by UAE authorities and has become the region’s first fully licensed Web3 banking service.
Klickl International, a UAE-based Web3 banking service provider, successfully completed an oversubscribed $25 million Series A funding round, raising its valuation to an impressive $125 million. This achievement highlights the company’s growing prominence in the global Web3 banking sector.
The funding round, as announced in Klickl’s press release, was co-led by Web3Port Foundation and Aptos Labs. Other notable investors included Summer Ventures, Heritage Horizon Capital, V2 Capital, Alpha Square Group, Heng Feng Group, Trend Investment, and Bond Group. The strong backing from these prominent names reflects increasing confidence in Web3-based financial services.
Ambitious Growth Plans for Q4 2024
Klickl plans to channel the newly raised capital into two significant initiatives set for launch in Q4 2024: Klickl Labs and Klickl Foundation.
Klickl Labs will focus on forming strategic partnerships and fostering innovative ventures in emerging markets like the Middle East and Africa. The lab’s primary goals include enhancing cross-border remittance systems and digital payment infrastructure.
The Klickl Foundation, on the other hand, will drive Web3 ecosystem development. It aims to establish global standards for the rapidly evolving “PayFi industry,” which integrates blockchain technology with traditional payment systems.
Key Roles for Strategic Investors
Several investors will play pivotal roles in Klickl’s expansion. Web3Port Foundation will act as a Limited Partner for Klickl Foundation’s Web3 Fund, ensuring sustained financial support for its initiatives. Aptos Labs, a leading Layer 1 blockchain platform, will serve as the underlying infrastructure for Klickl’s ambitious projects.
Klickl’s CEO, Michael Zhao, emphasized the significance of this funding in expanding Web3 banking services across the Middle East, Asia, and other regions.
He acknowledged the vital role of UAE’s regulatory environment, particularly the support from the Abu Dhabi Global Market (ADGM). The regulatory framework allowed Klickl to become the first fully licensed Web3 banking service in the region, providing secure crypto custody and brokerage solutions.
Rising Investor Interest in Web3 Banking
This funding round underscores the growing interest in Web3-based financial services, particularly in Asia. For instance, Malaysian crypto exchange Hata recently secured $4.2 million in a seed round led by Castle Island Ventures and Cadenza Ventures.
Hata aims to expand its offerings to cater to both retail and institutional clients, focusing on fiat trading, especially involving the Malaysian Ringgit (MYR) and US Dollar.
Klickl’s successful funding and ambitious plans demonstrate its commitment to reshaping the Web3 banking landscape globally.
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Last Updated on December 13, 2024 by Safiya K
