Berlin-based Finoa GmbH has raised US$22 million in a Series A funding round. The round was led by Balderton Capital, with further participation from existing investors Coparion, Venture Stars and Signature Ventures, as well as an unnamed investor. The international law firm Taylor Wessing, led by Berlin-based partner Norman Röchert, advised Balderton Capital on all aspects of the funding round.
Balderton Capital is a London-based venture capital firm focused exclusively on supporting the most significant technology companies founded in Europe. Since its founding in 2000, it has raised eight funds with a total volume of more than USD 3 billion and invested in over 220 companies.
Finoa has grown rapidly with its business model as a digital asset custodian in the short time it was founded in 2018. With the fresh capital, the start-up plans to expand its portfolio of digital services with the aim of providing institutional investors and companies with a regulated platform at the highest technical security standard to manage their digital assets, in the sense of a crypto bank.