Abu Dhabi crypto trading startup Hayvn in talks to raise $30M Series B funding at a $400 million valuation; eyes IPO

Hayvn, an Abu Dhabi-based crypto trading startup, is in talks with institutional investors to raise $30 million in a Series B round that will value the company at $400 million, Reuters reported Wednesday. Hayvn said it aims to receive investment from Gulf sovereign wealth funds in about three months, CEO Christopher Flinos told Reuters in an interview.

Flinos also added that Hayvn will pursue a $150 million IPO once the company hits a $1.5 billion valuation, which he expects to happen in the next 12-16 months. The company has about $75 million in assets under management and expects that to grow to $500 million by mid-year.

Hayvn, which currently offers trading, custody, asset management, and payments services, plans to use the IPO proceeds to acquire institutions like private banks, asset managers, and insurers. Flinos said that several exchanges are being considered, including New York, London, Toronto, European exchanges, and Abu Dhabi.

The popularity of bitcoin has led to an increase in mainstream adoption of cryptocurrency. During the same year, the crypto market has gained support from institutional investors and larges who have also poured billions of dollars into the space.

Founded in 2018 by CEO Christopher Flinos and Ahmed Ismail, Havyn is full service institutional digital currency platform including Sales & Trading, Asset Management, and Structured Products. The company offers trading, custody, asset management, and payments services.

Hayvn has been in operation for a year now. Last December, the startup received regulatory approval from Abu Dhabi Global Markets (ADGM). It is also licensed to conduct crypto trading in the Cayman Islands and Switzerland.

“I would love to do one in Abu Dhabi,” Flinos said. “But you have a responsibility to your shareholders to do it in the place where you get the best liquidity and the best valuation.”

Flinos said Hayvn has held talks with five sovereign wealth funds in the Gulf and others in northern Europe and Asia to manage their investments in cryptocurrency, as well as with some on potentially investing in the firm through the series B round.

“We talk with a lot of these entities,” he said, adding that he expected most Gulf sovereign wealth funds to have made significant investments in crypto within four months. “We expect to take our fair share of it because we are regulated in their region,” he said.