Crypto-integrated banking startup Dakota has secured $12.5 million in Series A funding, positioning itself at the forefront of a fast-evolving fintech frontier: stablecoin-powered business banking. The round was led by CoinFund, with participation from 6th Man Ventures (6MV) and Triton Ventures.
Dakota aims to build a globally accessible business bank account that leverages stablecoins and U.S. Treasuries to offer fast, transparent, and safe money movement for a world where companies are increasingly “default global.”
This vision emerges amid rising frustration with legacy payment rails. For growing businesses across continents, cross-border money movement remains plagued by high fees, settlement delays, and risk exposure to shaky regional banks. Dakota aims to remove those frictions by combining the efficiency of crypto with the trust of traditional finance.
Crypto Rails, Familiar Experience
Founded in 2023 by former executives from Coinbase, Square, and Airbnb, Dakota allows companies to hold and transfer funds across USD and stablecoins, while remaining integrated with standard payment networks like ACH, Fedwire, SWIFT, and SEPA.
“Companies are being hamstrung by slow wire transfers, limited banking access,” said Ryan Bozarth, Dakota’s CEO and Co-founder. “Dakota brings banking into the internet age — giving businesses the ability to move money – instantly and freely – without sacrificing security or compliance.”
What sets Dakota apart is its backend design. While users interact with a sleek fintech interface, blockchain infrastructure works invisibly behind the scenes—executing near-instant, verifiable transactions. All customer deposits are fully reserved and backed 1:1 by U.S. Treasuries, eliminating counterparty and liquidity risks associated with commercial banks.
Since launching in 2023, Dakota has already onboarded over 500 clients—including tech startups and global nonprofits—and processes billions in annualized transaction volume.
Post-SVB: Demand for Safer, Faster Alternatives
The collapse of Silicon Valley Bank (SVB) and stress across regional U.S. banks have made treasuries-backed, on-chain banking alternatives more appealing to businesses looking for safety and liquidity.
The regulatory tide is also shifting. In the U.S., bipartisan support is growing for stablecoin oversight, with bills like the GENIUS Act gaining traction. Globally, frameworks such as the EU’s MiCA regulation and Hong Kong’s digital asset initiatives are pushing toward compliance and mainstream integration.
“We believe stablecoins can revolutionize business banking,” said Alex Felix, Chief Investment Officer at CoinFund. “Dakota is unlocking that potential by combining the familiarity of a bank account with the power of crypto rails.”
Recent moves by payment giants reinforce this trend. Stripe’s acquisitions of Privy and Bridge, and PayPal’s stablecoin launch, suggest that stablecoins are likley to become integral to modern business payments—offering 24/7, borderless functionality that legacy systems can’t match.
New Features and Global Expansion
With this latest funding, Dakota plans to expand both its product suite and global reach. New offerings include corporate virtual cards, with customizable spending limits and team controls. On the infrastructure side, Dakota now supports SWIFT and SEPA transfers, alongside its existing U.S. rails, making international money movement as easy as domestic transactions.
The company is also broadening its onboarding across 100+ jurisdictions, including the UK, EU, Singapore, and Latin America.
“Business today is borderless, and dollars are a universal language,” said Bozarth. “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.”
Notably, Dakota’s app conceals blockchain complexity. Users send and receive payments like they would in a traditional app. Stablecoin conversion happens automatically and seamlessly, reflecting Dakota’s commitment to user-centric design.
Veteran Team, Ambitious Roadmap
Dakota’s team includes veterans who have built security systems safeguarding over $100 billion in digital assets and scaled consumer apps to millions of users. That combination of crypto security and user experience could prove crucial as Dakota navigates a highly regulated and rapidly shifting landscape.
The company’s priorities going forward are clear:
- Grow its customer base globally
- Secure more banking and payment network partnerships
- Continue investing in regulatory compliance and security infrastructure
Dakota’s bet is that in ‘a few’ years, businesses will store and move dollars on-chain as effortlessly as they send emails. If that future materializes, Dakota aspires to be among the first to deliver internet-native banking at global scale.
The Bigger Picture: Stablecoin Banking Is Heating Up
Dakota joins a growing field of fintech innovators pushing crypto-integrated banking into the mainstream. Others in the space include Juno, Meow, and Circle’s Treasury solutions—but few have taken the hybrid approach Dakota champions, combining the regulatory familiarity of U.S. Treasuries with the settlement speed of stablecoins.
The company is currently onboarding new businesses through its website, dakota.xyz, and is positioning itself as a financial partner for the next generation of global-first companies.
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