Dakota, a crypto-integrated business banking platform, has secured $12.5 million in Series A funding, led by CoinFund with participation from 6th Man Ventures and Triton Ventures. This funding will enable Dakota to advance its mission of creating a globally accessible business bank account that combines the speed and transparency of stablecoins with the security of U.S. Treasuries for borderless finance.
Founded by former veterans of Coinbase, Square, and Airbnb, Dakota aims to transform how businesses manage their finances internationally. Its platform enables companies to hold and transfer funds in USD or stablecoins while utilizing familiar payment methods, including ACH, Fedwire, SWIFT, and SEPA. By leveraging blockchain technology for nearly instant transfers, Dakota keeps customer funds fully reserved and under client control.
Since its launch in 2023, Dakota has attracted over 500 business customers, processing billions in annual transaction volume. Its use of stablecoins and backing of deposits with U.S. Treasuries help eliminate counterparty and liquidity risks faced by traditional banks, especially highlighted by recent crises.
With significant progress on stablecoin legislation in the U.S. and similar moves globally, Dakota is poised for growth. The platform has expanded its offerings to include corporate cards and support for international payment networks, aiming to simplify cross-border transactions.
Dakota functions like a standard fintech app, enabling clients to manage payments without directly handling crypto. The founding team’s extensive experience in security and consumer platforms positions Dakota to navigate the convergence of banking and blockchain effectively.
Dakota is focused on expanding its customer base, securing banking partnerships, and investing in compliance. The company envisions a future where startups can easily hold dollars on-chain and send payments globally as simply as sending an email, making it a player in the evolving landscape of banking.
KEY QUOTES:
“Companies are increasingly default global and they’re being hamstrung by slow wire transfers, limited banking access, and the reality that once money goes into a bank, customers lose control. Our goal with Dakota is to bring banking into the internet age — giving businesses the ability to move money as instantly and freely as information travels, without sacrificing security or compliance.”
“Business today is borderless, and dollars are a universal language. We want to give entrepreneurs from Bogotá to Bangalore the same access to U.S. dollar banking that a startup in San Francisco would have.”
Ryan Bozarth, CEO and co-founder of Dakota
“We believe stablecoins can revolutionize business banking. Dakota is unlocking that potential by combining the familiarity of a bank account with the power of crypto rails. They’re not asking mainstream businesses to change how they operate — they’re upgrading the engine under the hood.”
Alex Felix, CIO of CoinFund
