The Block: Crypto custodian Finoa raises $22 million in Series A funding

Institutional crypto custodian Finoa has raised $22 million in a Series A funding round.

The round was led by venture capital firm Balderton Capital, an investor in companies like Revolut and bitcoin wallet Luno. Other participants in the round included existing investors Coparion, Venture Stars, and Signature Ventures, as well as an undisclosed investor.

With fresh capital at hand, Germany-based Finoa plans to expand its crypto products beyond custody and staking, and scale its team. It aims to become "a regulated one-stop-shop for institutional investors and corporations to manage all their digital asset needs."

Founded in 2018, Finoa currently has a preliminary crypto custody license from German finance regulator BaFin.

The firm claims to serve more than 250 customers and says its revenue has grown more than 50 times over the past year, without disclosing specific numbers.

Finoa further says it was the only custodian to support the mainnet launch of several blockchains, including Dapper Labs' Flow, NEAR, and Mina protocols. Looking ahead, it aims to support more blockchains as well as decentralized financial (DeFi) products and services to our platform, said Finoa co-founder Christopher May.

The Series A follows Finoa's "multi-million" seed funding round in January 2020.