Finoa announces completion of strategic funding round led by Maven 11 and Balderton
Berlin, Germany: Finoa, Europe’s leading platform in the institutional crypto asset space, today announced the closing of a strategic funding round, resulting in a total of USD 15M in new funding over the last 12 months. This funding welcomed new investments from Maven 11 and Blue Bay Ventures. Finoa also is grateful for the participation of all its existing investors, namely Balderton, Coparion, Signature Ventures, and Venture Stars.
The completion of the funding round coincides with Finoa's return to profitability. Finoa confirmed its Qualified Custodian status earlier in 2023, marked by the provisioning of three licenses by the German Federal Financial Supervisory Authority (BaFin). Finoa has observed four-fold growth in the latter half of 2023, demonstrating the strong trust and reliability we enjoy from both existing and new customers.
Finoa's return to profitability can be attributed to both an increase in the assets managed on its platform as well as the expansion of its products and services. In particular, Finoa’s staking unit has attracted EUR >500 million in Assets under Delegation to its validator infrastructure in its first year and a half.
“Despite the still challenging market environment in 2023, we have solidified our positioning as the trusted and fully regulated institutional counterpart to our customers. This is being confirmed by our financial results. With the support of our new and existing investors we will continue to build on these successes.” Christopher May, Co-Founder at Finoa.
“Ever since we started working with Finoa, both as a customer and now as an investor, we have been increasingly impressed by their professionalism and know-how. They have built out a very strong team over the years and offer a unique all-encompassing approach to securely storing crypto which we believe is key towards the future. We are keen to support this vision and help Finoa going forward.” Balder Bomans, Managing Partner at Maven 11.
“Chris, Henrik, Michael and the entire Finoa team have continued to execute with rigor and excellence. We are delighted to be again backing them as investors and look forward to their continued success as they continue to harden and grow Europe’s already leading platform for institutional crypto assets.” Colin Hanna, Partner at Balderton Capital.
The funds raised in this round will support Finoa's ongoing efforts to expand its services and maintain its commitment to providing secure and compliant institutional digital asset management solutions. This development marks a key moment in Finoa's journey as it continues to cater to the needs of institutional clients in the digital asset space.
Founded in 2018 in Berlin/Germany, Finoa is the leading European digital asset custodian and staking provider, enabling institutional access to the ever-growing crypto asset ecosystem. The company offers a range of services, including custody, staking, and brokerage, with an emphasis on security, regulatory compliance, and customer service. Finoa's intuitive platform enables users to securely store, stake, and manage their assets, making it a trusted partner for institutional investors, hedge funds, corporates, and high-net-worth individuals globally. For more information about Finoa's services, please visit www.finoa.io.