By
Steve Muchoki
April 19th, 2024
With the acquisition of Netshares, LevelField will be able to offer services like project finance, capital raising, accessing private investments, and advisory services. The company plans to integrate traditional banking and digital asset products into a single platform.
Banking platform LevelField Financial announced its acquisition of Netshares Financial Services for an undisclosed amount. Netshares is a broker-dealer regulated by the US Securities and Exchange Commission (SEC).
LevelField has been operating in the financial services market to integrate traditional banking and digital asset products into a single platform. To meet its client demand, LevelField will be launching LevelField Capital post the acquisition. Thus, it will offer services like project finance, capital raising, accessing private investments, and advisory services.
As said neither party has shared details regarding the terms of the deal. Also, the acquisition is subject to regulatory approval.
The company said that it will be releasing its first features for the digital assets trading and custody platform in September. In an interview with The Block, LevelField founder Gene Grant II said:
“When you think of LevelField, don’t think of it as a crypto company, because that’s the absolute wrong definition. We are a traditional financial services company that specializes in the niche of customers interested in the digital asset class, and I think that’s a huge differentiation in definition and the way that we think. Our goal is to provide a full-service banking experience to our customers”.
Grant believes we must see digital assets in the same way as every other financial asset in the industry. In addition to acquiring Netshares, LevelField has also announced raising $50 million
LevelField Raises $50 Million
In its founding year of 2018, LevelField had raised a small amount of pre-seed funding while focusing on research and the regulatory environment. LevelField had also planned for a major fundraise in March 2020, however, the plans were derailed due to COVID-19. LevelField founder Gene Grant said:
“It took us all the way to February of 2022 to raise the next round of funding. So, we kept at it for two additional years, bootstrapping, essentially from my pocket until we were able to raise enough money to really put the company forward.”
The financial services company had already raised two seed rounds earlier this year. LevelField is now in the process of raising $50 million as per its SEC filing. “We’re hoping to close that out in September,” said Grant. The same funds will go towards the acquisition.