European crypto custodian Finoa raised $ 22 million

Finoa, a cryptocurrency custodian service provider for institutional institutions, has closed a $ 22 million Series A funding round.

We are thrilled to announce that Finoa has closed a $ 22M Series A led by @balderton , with participation from our existing investors @coparion_vc , @VentureStars , and @signature_vc !– Finoa (@Finoa_Banking) 

April 29, 2021

It was headed by the venture capital firm Balderton Capital, with participants already owning stakes in Coparion, Venture Stars and Signature Ventures, as well as an undisclosed investor.

The capital received in Finoa will be used to expand the line of crypto products beyond storage and staking services and to increase the team.

The company has set itself the goal of becoming “a regulated one-stop center for institutional investors and corporations to manage all of their digital asset needs.”

Founded in 2018 in Germany, Finoa holds a preliminary cryptocurrency custodian license from financial regulator BaFin.

The company has over 250 clients. Finoa’s revenue has grown 50 times over the past year, according to the statement.

As a reminder, in March, institutional investor-oriented custodian Fireblocks raised $ 133 million in a Series C round.

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