Finoa, a German-based regulated custodian for crypto-assets, offering investors storage and staking services, announced it has closed a $22 million Series A funding round to fuel its plans for growth.
This 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.
The proceeds will be used by Finoa to build out its products and services, scale up the team, meet the growing institutional interest for digital assets while enabling participation in innovative financial services beyond its current offering of custody and staking.
“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.”
– Henrik Gebbing, Finoa Co-Founder
Finoa has been focused on building a secure and regulated gateway for institutional investors and corporations to digital assets and blockchain-powered technology. Finoa’s platform enables users to securely store and manage their crypto-assets; while providing a directly accessible and intuitive user experience, enabling seamless access to custody and staking.
Reportedly, over the past year, Finoa has grown its revenue more than fiftyfold. Finoa was the only custodian to support the mainnet 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.
“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.”
– Colin Hanna, Principal at Balderton Capital