What the business is
A neobank for mainly business customers, with checking accounts and yield, using stablecoins to move money between itself and banking partners.
The bet
A neobank that uses stablecoins to settle with its partner banks can give businesses outside the US dollar accounts, faster and cheaper.
Starting capital
$12.5M Series A, all equity, led by CoinFund with 6th Man Ventures, Digital Currency Group and Kraken's Triton Ventures.
How it started
Ryan Bozarth, who worked at Sony, Square and Airbnb and managed Coinbase's custody arm, left Coinbase in 2022 to found Dakota.
What happened
Dakota runs without its own bank charter, regulated in the US and Europe as a money services business. It processed about $1.6B in transaction volume over the past year and was on pace for $4B by December, with the majority of 500+ business users outside the US.
How it ended up
On 15 July 2025 Dakota announced the $12.5M Series A. CoinFund's investment chief said it was one of the first Web3 payments companies he had seen with a significant share of non-crypto customers.
What has to be true
Stablecoins had gained momentum after Stripe's $1.1B Bridge acquisition in February and the Senate's GENIUS Act in June, which aims to regulate the tokens.
Proponents say stablecoins speed up cross-border payments and reduce fees.
Customers outside the US value a US dollar-denominated account in itself.
What can be applied
Using stablecoins as plumbing rather than product let Dakota sell an ordinary bank account; its customers are businesses that want dollars, not crypto.
Aftermath
As of 15 July 2025, Dakota had 500+ business customers, was on pace for $4B in volume by December, and did not hold its own bank charter, operating as a money services business.
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