Popular Singapore-based crypto lender Amber Group has completed a $300 million series C funding. The firm announced the development in its Friday Twitter post. According to the announcement, the funding round was led by Fenbushi Capital US and participated by other crypto-native investors and family offices.
According to Amber Group, the new round of fundraising demonstrates investor confidence in its business. Further, the firm said the round also reaffirms its commitment to shape the future together. As part of that future, the lender said it’s important that it adapt and protect its clients in this challenging market environment.
Amber Group noted that it was in the process of completing an extension of its Series B funding before the FTX crisis began. The crisis, as reported, foiled the completion of the funding. According to the lender, the funding was at a $3 billion valuation, initiated in preparation for the prolonged crypto winter. However, Amber said the FTX collapse compelled the partial closing of the round and a subsequent move to Series C.
Further, the lender reiterated that it had only little exposure to the troubled FTX. According to the firm, less than 10% of its total trading capital was with FTX when it collapsed. It insisted that the exposure had no impact on its daily operations or its business continuity.
Additionally, Amber Group maintained that the vast majority of its clients and products remain intact. However, it revealed the tendency of some of its specific products becoming vulnerable to significant drawdowns as an aftermath of the FTX default. This, according to the firm, informed its decision to look for ways to protect those affected clients.
Amber aiming to further protect its clients and products
As part of its measures to protect its products and clients, Amber said it had to readjust its fundraising strategy. According to the firm, the Series C investors came on board with the understanding that it will focus on providing best-in-class services to our client base of institutional and high-net-worth investors.
Amber Group, however, promised to scale down its mass consumer efforts and non-essential business lines. This, according to the lender, manifested as part of its effort to focus on its core businesses and clients. It maintained that the decision, though tough, is the best it could take at this critical moment.
Reinstating its priority for 2023, Amber Group said it aims to focus on its core business and clients. According to the firm, it hopes to achieve this priority through the sustainable support of its investors.