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About Utila
Utila is a self-custody wallet platform and API provider for digital assets. Its core business is to help enterprises securely store, manage, and transact cryptocurrencies without relying on third-party custodians. The platform uses multi-party computation (MPC) technology to split private keys into multiple parts, ensuring that no single party can control funds alone. It supports multiple blockchains and integrates with exchanges, DeFi protocols, and payment systems through APIs.
The main pain point Utila addresses is the trade-off between security and operational flexibility. Traditional custodians hold assets on behalf of clients, which introduces counterparty risk and limits control. On the other hand, self-managed wallets often lack enterprise-grade security and governance. Utila solves this by offering institutional-grade protection with full self-custody, allowing clients to maintain ownership of their keys while enjoying features like multi-signature approvals, policy controls, and automated workflows.
In the past six months (February to August 2026), Utila has made notable progress. It announced a partnership with Mastercard to support Agent Pay, a solution for machine-initiated payments. The platform also became available on the Solana Developer Platform, enabling teams to access its custody and payment APIs within that ecosystem. New features were introduced, including verified exchange deposit addresses, sponsored transfers on EVM chains, and Bitcoin bridge routes. Utila also collaborated with Gauntlet to bring DeFi yield capabilities to treasury management and added support for Dogecoin. These updates reflect a focus on expanding chain coverage, improving transaction workflows, and integrating with emerging payment and DeFi use cases. No major negative events were reported during this period.
Utila, a self-custody wallet platform and API provider, has achieved significant milestones since its founding in 2022. In March 2024, the company exited stealth with an $18 million Series A round led by Nyca Partners, with participation from Wing VC, NFX, and others, marking its formal entry into the institutional digital asset infrastructure space. This funding laid the groundwork for its rapid expansion.
A pivotal development came in September 2025 when Utila secured a $22 million Series A extension led by Red Dot Capital Partners, with participation from Nyca, Wing VC, DCG, and Cerca Partners. This brought the total Series A funding to $40 million and nearly tripled the company's valuation, reflecting strong market confidence. Notably, the extension was driven by inbound investor interest rather than active fundraising, underscoring the growing demand for stablecoin infrastructure.
During this period, Utila experienced hypergrowth: its customer base more than doubled, monthly transaction volumes surpassed $15 billion, and cumulative transactions exceeded $90 billion. The company also expanded its platform to support stablecoin operations, treasury management, trading workflows, and business continuity solutions, positioning itself as a comprehensive operating system for digital assets. Looking ahead, Utila plans to scale into emerging markets across Latin America, Asia-Pacific, and Africa, where stablecoins are becoming integral to financial infrastructure.
Co-founders and key executives:
Bentzi Rabi (Co-founder & CEO): Former Principal at i3 Equity Partners, with background in cybersecurity and cryptography. Leads Utila's vision and strategy.
Sam Eiderman (Co-founder & CTO): Previously Senior Software Engineer at Google and Principal Software Engineer at Oracle. Ex-IDF R&D team leader. Drives technical architecture.
Surya Deepan Elango (Director of Marketing): Ex-Head of Growth at Venly, with experience in business development at FollowAds and BYJU'S. Manages marketing and growth.