Berlin-based?digital asset custody and financial services platform for institutional investors and corporations Finoa closed a $22m Series A funding round.
The funding round was led by Balderton Capital, an early investor in European startups as Luno and Revolut, with further participation from existing investors Coparion, Venture Stars and Signature Ventures as well as an undisclosed investor.
The company intends to use the funds to build out its products and services, scale up the team and enable participation in innovative financial services beyond custody and staking.
Founded in 2018 by Christopher May and Henrik Gebbing, Finoa is a regulated custodian serving as the gateway for institutional investors and corporations to the world of digital assets. The platform enables its users to securely store and manage their crypto assets, while providing a directly accessible user experience, enabling access to custody and staking.
The company supported the launch of many crypto networks like Dapper Lab FLOW protocol the blockchain on which digital collectables platform NBA Top Shot is built, NEAR and Mina. Today, Finoa serves more than 250 customers including Deutsche Telekom subsidiary T-Systems, CoinList and Bankhaus Scheich.
Commenting on the funding, May said,??We are proud to have established Finoa as Europe leading gateway for institutional participation and incredibly excited to accelerate our growth even further. We look forward to supporting new exciting protocols and projects, empowering innovative corporate use cases, and adding additional decentralized financial products and services to our platform.p>
Building on the firm’s plans, Gebbing added,??With Balderton Capital joining our group of investors, we have added a renowned partner who brings unparalleled expertise in disrupting traditional financial services. With their experience and network, we have found the best support we could imagine, helping us facilitate greater institutional adoption? digital assets globally and continue to build an industry leader in the crypto-ecosystem.p>
Echoing a similar sentiment,?principal at Balderton Capital Colin Hanna noted:??Chris, Henrik, and the entire Finoa team have built a deeply impressive business which bridges the highest levels of professionalism with radical innovation.
“As custodians of digital asset private keys, Finoa needs to be trusted?both with the secure management of those keys and with the products and services that allow their clients to fully leverage the power of native digital assets. As they continue to witness exceptional growth, we look forward to teaming up with Finoa on their journey towards becoming a category-defining digital asset bank.p>
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