European crypto custodian Finoa closes $22 million Series A

The institutional crypto custody provider Finoa closed a $22 million Series A 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! https://t.co/Elll4N6Tqz

— Finoa (@Finoa_Banking) April 29, 2021

The round was led by venture firm Balderton Capital, with participation from Coparion, Venture Stars, and Signature Ventures, as well as an undisclosed investor.

The capital will be allocated to expanding Finoa’s crypto product lineup beyond custody and staking services and to growing the team.

The company aims to become “a regulated universal hub for institutional investors and corporations to manage all their digital asset needs.”

Founded in 2018 in Germany, Finoa holds a provisional cryptocurrency custodian licence from BaFin.

The company counts over 250 clients. According to the statement, Finoa’s revenue grew 50-fold over the past year.

Earlier in March, the institutional custodian Fireblocks raised $133 million in a Series C round.

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