Berlin-based digital asset custody and financial services platform Finoa raised US$ 22 million in a Series A funding round on 30 April 2021.
Investors: The funding was led by Balderton Capital, with participation from existing investors Coparion, Venture Stars and Signature Ventures, as well as an undisclosed investor.
Founded in 2018 by Christopher May and Henrik Gebbing, Finoa is a global digital asset custodian providing secure and regulated custody as well as blockchain-enabled services. It integrates emerging technologies in a rapid and secure way, providing access to disruptive developments in the blockchain and decentralised finance ecosystem. It follows a partner-enabling approach through collaboration with leading crypto networks and infrastructure providers helping customers to effectively manage their digital assets.
The founders of Finoa met while working together at McKinsey & Company. The Finoa team has previous work experience with companies such as Google, J.P. Morgan, Credit Suisse, Lloyds of London etc.
Finoa claims to have more than 250 customers, including T-Systems, DeFi-natives like CoinList and financial institutions like Bankhaus Scheich. Some of its competitors include Anchorage, Coinbase Custody and Bitgo, exchanges like Binance and Kraken and self-custody solutions like Ledger.
The company plans to become a regulated platform for institutional investors and corporations to manage their digital assets. It has also received a preliminary crypto custody license and is supervised by the German Federal Financial Supervisory Authority (BaFin).
What the founders have to say: “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. Being in the European Union requires a fundamentally different organizational setup, and poses a very high entry to new incumbents and other players overseas. There are few that have managed to do what Fiona has done in a European context and hence why we now see ourselves in a leading position.” — Christopher May, co-founder of Finoa.
What the investors have to say: “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, Fiona 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.” — Colin Hanna, principal at Balderton Capital.
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