FundingUS
Turnkey Raises $30M Series B for Crypto Wallet Infrastructure
Turnkey raised $30 million in a Series B round led by Bain Capital Crypto, announced Jun 10, 2025. Galaxy Ventures, Sequoia Capital, Lightspeed Faction, Variant, and Wintermute Ventures also invested. The round brings the US-based company's total funding past $50 million since its 2022 founding, following a $15 million Series A completed in Apr 2024.
Turnkey provides open-source SDKs that let developers embed crypto wallets into applications and automate on-chain transactions. Its customers include Bridge, Magic Eden, World, Alchemy, and Polymarket. The new capital will fund expansion across engineering, product, marketing, sales, and operations, along with further open-sourcing of its platform components.
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Implications
- Growing investment in crypto infrastructure-as-a-service mirrors the BaaS model, suggesting convergence of embedded finance across traditional and digital asset rails
- Participation of Sequoia and Bain Capital signals institutional legitimacy for embedded crypto infrastructure alongside traditional BaaS plays
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- NewsFintechFutures
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