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Exclusive: Bitcoin company Circle raising new cash

Jeremy AllaireJeremy Allaire
Jeremy Allaire, Founder and CEO of Circle Internet FinancialPhotograph by Mark Lennihan — AP

Circle Financial, the bitcoin wallet startup led by Brightcove (BCOV) founder Jeremy Allaire, is in the midst of raising around $40 million at a pre-money valuation of approximately $200 million, Fortune has learned from multiple sources.

Both venture capital and Wall Street firms are expected to participate.

Here is how Circle describes itself, via its website:

Circle is building a suite of consumer products aimed at enabling greater ease-of-use in online and in-person payments, enhanced security and privacy for consumers, and the convenience of free, instant, global digital money transfers.

The Boston-based company previously raised $26 million in VC funding from firms like Accel Partners, Breyer Capital, Bitcoin Opportunity Fund, General Catalyst, Oak Investment Partners and Pantera Capital.

Its board of directors includes Michelle Burns, who also is a director with Goldman Sachs (GS). Recently departed from the board is Ifty Ahmed, a partner (now on leave) with Oak Investment Partners who was recently charged with insider trading.

A Circle spokeswoman declined to comment, but did suggest that some company news would be forthcoming later this week. It is unclear if the financing would be part of it.

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