Ledn Revenue, Valuation, Funding & Investors
Ledn is valued at $540M as of December 2021, a 5.4x multiple on its last reported $100M revenue.
Last Ledn valuation
$540M
Series B · Dec 2021
Last Ledn funding round
Strategic investment
Amount undisclosed · Nov 2025
Ledn revenue
$100M
Series B · Dec 2021
Key investors in Ledn
Kingsway Capital
Global Founders Capital
Coinbase Ventures
White Star Capital
CMT Digital
Tether
About Ledn
Ledn is a financial services provider building products for digital asset savings and lending. The Toronto-headquartered firm offers bitcoin-backed loans allowing dollar access without selling holdings, B2X loans to increase bitcoin exposure, and interest-bearing savings accounts for bitcoin and USDC. Founded in 2018, Ledn emphasizes transparent, collateralized finance at ledn.io.
Founded
2018
HQ
TorontoWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$100M (Dec 2021)
Valuation
$540M (Dec 2021)
Ledn Valuation
Ledn is currently valued at $540M, based on its Series B in December 2021.
The $70M round was led by 50T Funds.
Ledn's valuation has grown 2.3x from $230M at its Series A in May 2021 to $540M in December 2021, across 2 priced rounds.
Ledn valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2021 | Series B | $540M | 5.4x |
| May 2021 | Series A | $230M | 2.3x |
Ledn Revenue
Ledn's latest recorded revenue is $100M, as of its Series B in December 2021. At a $540M valuation, that implies a 5.4x revenue multiple.
Revenue moved from $100M in May 2021 to $100M in December 2021, while the revenue multiple moved from 2.3x to 5.4x.
Ledn revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2021 | $100M | $540M | 5.4x | Series B |
| May 2021 | $100M | $230M | 2.3x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Ledn Funding History
Ledn has raised a total of $103M across 5 funding rounds.
Ledn's first fundraising round was a $400K angel round in September 2018. The most recent completed round was a strategic investment round in November 2025.
Ledn funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2025 | Strategic investment | Tether (lead) | - | - | Ledn operates a bitcoin-backed lending platform, enabling individuals and businesses to access credit using bitcoin as collateral without selling their holdings. The company offers high-interest savings accounts supporting USDC, USDT, and Bitcoin, alongside lending services for end-to-end crypto growth. On November 18, 2025, Tether announced a strategic investment in Ledn to expand global access to bitcoin-backed credit, strengthen self-custody, and integrate Tether products into Ledn's platform. Ledn reported its strongest year in 2025, originating over $1 billion in bitcoin-backed loans year-to-date, including $392 million in Q3 2025 alone, nearly matching full-year 2024 originations. Cumulative loan originations exceeded $2.8 billion since inception. Annual recurring revenue surpassed $100 million as of Q3 2025. Tether plans to use the investment to launch new products, enter new markets, and enhance bitcoin lending capabilities amid projected sector growth from $7.8 billion in 2024 to over $60 billion by 2033. Ledn emphasizes risk management through a fully collateralized model, third-party Proof of Reserves attestations, and regulated operations, which supported its resilience during the 2022 crypto lender crisis. |
| Dec 2021 | Series B | 50T Funds (lead) | $70M | $540M | Ledn is a Toronto-based cryptocurrency lending platform offering financial products like loans backed by Bitcoin collateral and savings accounts for digital assets. On December 15, 2021, it closed a Series B funding round raising $70 million led by 50T Funds (also referred to as 10T Holdings or 10T Fund), with participation from investors including Coinbase Ventures, CMT Digital, ParaFi Capital, Hashed, GoldenTree Asset Management, and others. The round brought the company's post-money valuation to $540 million USD. This funding was part of Ledn's growth strategy in the CeFi space, following prior rounds including a Series A in May 2021 and Seed VC in February 2021, bringing total capital raised to over $103 million across four rounds by that point. The platform focuses on helping users save and borrow against digital assets, emphasizing secure lending with algorithmic liquidation to manage Bitcoin price volatility. Ledn has since pursued innovative financing like selling $188 million in Bitcoin-backed securitized bonds in a later deal, highlighting its collateralized loan pools with features like overcollateralization and liquidity reserves. The company operates in the competitive crypto lending market, serving consumer loans backed by BTC holdings. |
| May 2021 | Series A | Kingsway Capital (lead) | $30M | $230M | Ledn is a Canadian cryptocurrency lending platform offering savings and loan products for Bitcoin and other digital assets, serving clients in 105 countries as of May 2021. The company completed a US$30 million Series A funding round on May 26, 2021, led by UK-based Kingsway Capital, with participation from Alan Howard, Hashed, Susquehanna Private Equity Investments, ParaFi Capital, Alexis Ohanian, John Pfeffer, and prior investors including White Star Capital’s Digital Asset Fund, Coinbase Ventures, Global Founders Capital, and CMT Digital. Investors valued the startup at $230 million, according to Ledn co-founder Mauricio Di Bartolomeo. Funds were allocated to international expansion prioritizing emerging markets, technology and product development, team growth, and enhancing global presence. At the time of the round, Ledn reported assets under management surpassing $1 billion, reflecting a 320% increase over the prior six months. Its lending portfolio had grown 800% and savings portfolio 280% since the start of 2021, with the team tripling in size. The platform emphasized secure, simple solutions for digital asset participation amid rapid growth in the sector. Kingsway Capital co-founder Manuel Stotz joined Ledn’s board. This Series A followed a smaller $2.7 million raise in February 2021, bringing total funding to about $35 million. The round positioned Ledn competitively against peers like BlockFi, which raised at a $3 billion valuation in March 2021, amid booming interest in crypto lending platforms. |
| Feb 2021 | Seed | White Star Capital (lead); RW3 Ventures; Darrow Holdings; Coinbase Ventures; Global Founders Capital; Kingsway Capital; CMT Digital | $3M | - | Ledn, a Toronto-based DeFi fintech, raised $3.4 million CAD ($2.7 million USD) in its third seed round on February 8, 2021, led by White Star Capital's Digital Asset Fund, with participation from Coinbase Ventures, Global Founders Capital, CMT Digital, Kingsway, and Darrow Holdings. The funding brought Ledn's total raised to $4.7 million CAD. Ledn provides Bitcoin-backed loans, where customers collateralize Bitcoin to receive fiat while retaining upside potential, and offers savings accounts for Bitcoin and USDC with interest rates of 6.1 percent and 12.25 percent, respectively, in partnership with Genesis Capital. The company reported profitability at the time and served thousands of customers across over 100 countries, with registered users growing 25 percent month-over-month and over 60 percent from emerging economies. Ledn claimed the highest interest rates in digital asset lending. Proceeds were allocated to accelerate global growth, enhance regulatory compliance, and boost marketing and education on Bitcoin and its products. Ledn focused on a compliant, regulatory-first approach to bridge traditional and digital asset financial services, targeting retail and institutional clients initially in Canada and Latin America with institutional-grade savings and loan products on Bitcoin and stablecoins. |
| Sep 2018 | Angel | Andrew Clark (lead); Someren Capital | $400K | - | - |
Who has invested in Ledn?
11 investors have backed Ledn across its funding rounds, including Kingsway Capital, Global Founders Capital, Coinbase Ventures, White Star Capital, CMT Digital and Tether.
Lead investors include Tether, 50T Funds, Kingsway Capital, White Star Capital and Andrew Clark.
Ledn Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 London | 2 | Lead | Feb 2021 | |
 New York City, NY | 1 | Participant | Feb 2021 | |
| Toronto | 1 | Participant | Feb 2021 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Someren Capital | -- | 1 | Participant | Sep 2018 |
| San Francisco, CA | 1 | Participant | Feb 2021 | |
| Andrew Clark | Toronto | 1 | Lead | Sep 2018 |
 San Salvador | 1 | Lead | Nov 2025 | |
| New York City, NY | 1 | Lead | Feb 2021 | |
 Berlin | 1 | Participant | Feb 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Ledn
Ledn has acquired 1 company to date.
Last acquisition by Ledn was on October 6th 2022. Ledn acquired Arxnovum Investments for undisclosed valuation.
Latest Acquisitions by Ledn
| Description | Arxnovum Investments is a cryptocurrency hedge fund analyzing Bitcoin and altcoin vulnerabilities through proprietary risk models. The Cayman Islands-domiciled firm manages private pools employing quantitative strategies for volatility hedging and portfolio optimization. Arxnovum Investments targets institutional allocators with low-correlation returns. |
| HQ Country | |
| HQ City | Toronto |
| Deal Date | 6 Oct 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Ledn acquisitions and their M&A valuation multiples. Start Free Trial | |
Ledn Competitors
Ledn competitors include listed companies like Rhino Bitcoin and Indokripto Koin Semesta, and private ones like GVE, Minterest, ether.fi and Nirvana.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Tokyo | Private | - | - | $521M | - | |
 Tallinn | Private | - | - | $514M | - | |
 Cayman Islands | Private | $100M | - | $570M | 5.7x | |
| San Francisco, CA | Private | - | - | $508M | - | |
| United States | Publicly listed | $478K | ($417K) | $594M | - | |
 Indonesia | Publicly listed | $16M | $7M | $609M | - |
Ledn Public Comps
Ledn is still privately-owned, but its public comps include Rhino Bitcoin, Indokripto Koin Semesta, Stewards, Coincheck Group, Bakkt, Chaince Digital, ProCap Financial, BitGo Holdings, Capital B and Wewards.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
| $16M | $7M | 36.9x | - | 81.1x | - | |||
| - | - | - | - | - | - | |||
| $3.1B | $354K | 0.2x | 0.2x | 1312.3x | (189.0x) | |||
| $2.3B | ($98M) | 0.1x | 0.2x | (2.9x) | (27.3x) | |||
| $2M | ($3M) | 148.5x | - | (97.3x) | - | |||
| - | - | - | - | - | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
This data is available for Pro users. Sign up to see all Ledn competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Ledn
| When was Ledn founded? | Ledn was founded in 2018. |
| Where is Ledn headquartered? | Ledn is headquartered in Toronto, Canada. |
| Is Ledn publicly listed? | No, Ledn is a private, VC-backed company. |
| What is Ledn's valuation? | Ledn was last valued at $540M in its Series B in December 2021. |
| How much funding has Ledn raised? | Ledn has raised $103M across 5 funding rounds. |
| What was Ledn's last funding round? | Ledn's last funding round was a strategic investment round in November 2025, led by Tether. |
| Who are Ledn's investors? | Ledn's investors include Kingsway Capital, RW3 Ventures, Darrow Holdings, Someren Capital, Coinbase Ventures, Andrew Clark, Tether, White Star Capital, Global Founders Capital, CMT Digital and 1 other. |
| What is Ledn's revenue? | Ledn's latest recorded revenue is $100M (December 2021). |
| What is Ledn's revenue multiple? | Ledn's latest valuation implies a 5.4x revenue multiple ($540M valuation on $100M of revenue). |
| Which companies are comparable to Ledn? | Companies comparable to Ledn include GVE, Minterest, ether.fi, Nirvana, Rhino Bitcoin and Indokripto Koin Semesta. |
| How many companies has Ledn acquired? | Ledn has acquired 1 company, including Arxnovum Investments. |
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