Finoa, a digital asset custody and financial services platform for institutional investors and corporations, today announced the close of an approx. €18.1 million Series A funding round. The new round was led by European venture capital firm, Balderton Capital, with further participation from existing investors Coparion, Venture Stars and Signature Ventures, as well as an undisclosed investor.
Finoa was founded in 2018 by Christopher May and Henrik Gebbing to enable secure and regulated institutional access to the world of digital assets and blockchain-powered innovation.
Over the past year, the Berlin-based company has grown its revenues more than fifty-fold. Through an intuitive interface and innovative security infrastructure, Finoa has spearheaded institutional access to a wide range of blockchain-enabled use cases, and exclusively supported the main-net launch of many leading crypto networks like Dapper Lab’s FLOW protocol, NEAR, and Mina. Today, Finoa is serving more than 250 customers, including industry leaders like CoinList and some of the largest crypto funds globally.
Finoa will use the proceeds to build out its products and services, scale up the team, meet the rapidly growing institutional interest for digital assets, and enable participation in innovative financial services. It means that Finoa is one step closer to delivering on its aspiration of becoming a regulated one-stop-shop for institutional investors and corporations to manage all their digital asset needs.
“We are proud to have established Finoa as Europe’s 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,” said Christopher May, Finoa’s co-founder.
“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 of digital assets globally and continue to build an industry leader in the crypto-ecosystem,” noted Henrik Gebbing, Finoa co-founder.
Colin Hanna, Principal at Balderton Capital added: “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. The team they have assembled is uniquely positioned to do just that. 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.”