London, 16 September 2021 — Coinfirm, the global leader in RegTech for digital currencies and the blockchain-based financial ecosystem, is pleased to announce the successful close of its Series A fund raising of USD 8 million, and welcomes Dr. Mircea Mihaescu as its new Chief Executive Officer to lead the company.
The investment will enable Coinfirm to continue its rapid growth trajectory and strengthen its market-leading position in the EU as well as enabling the company to expand its offering to the Asian and US markets. The funding will especially strengthen the firm’s enterprise and financial institution offering, to complement its strong offering for crypto market participants.
The Series A is co-led by SIX Fintech Ventures, the corporate venture arm of SIX, and FiveT Fintech, followed by MiddleGame Ventures. Mission Gate and CoinShares also participated in this round.
In addition, Pawel Kuskowski will hand over the baton to Dr. Mircea Mihaescu as Coinfirm’s Chief Executive Officer. Dr. Mircea Mihaescu joined the company earlier this year as Executive Chairman, and now steps into the CEO role, to lead the firm with his wealth of knowledge in SaaS scaling for emerging and financial technology companies.
“The Series A unlocks Coinfirm’s potential in the crypto compliance and analytics space as we expand in a fast-paced growth market. I am excited to be joining Coinfirm in its next step on the journey to power the mass adoption of blockchain whilst we remain committed to delivering the very highest value to our clients and partners.” – Dr. Mircea Mihaescu, CEO of Coinfirm
In the first half of 2021 Coinfirm almost doubled the SaaS customer count whilst the company grew MRR by over 70%. The firm has added on new, critical, features to the firm’s flagship product, the AML Platform, in addition to creating a number of industry-leading crypto compliance solutions for the burgeoning decentralized finance sector.
Alexander Christen, CEO of FiveT Fintech will join Pascal Bouvier, General Partner at MiddleGame Ventures, and Dr. Mircea Mihaescu on Coinfirm’s Board of Directors. Maximilian Spelmeyer of SIX Fintech Ventures and Daniel O’Brien of Bird Capital join Coinfirm’s board as non-director members.
Coinfirm’s AML Platform for crypto assets is powering the mass adoption of blockchain by protecting the next generation of FinTechs from ransomware hacks, human trafficking, sanctions evasion and terrorist financing by risk scoring entities, addresses and transactions.
Coinfirm’s risk management platform is used by governments, financial institutions, custodians, payment providers, investment funds and exchanges. The 1,500+ protocol-supporting AML Platform utilizes 330+ proprietary risk algorithms to provide a seamless, scalable solution to stringent regulatory requirements for both CeFi and DeFi.
Founded in 2016, Coinfirm is headquartered in London, UK, with the company retaining Warsaw and Torun offices in Poland, and Tokyo, Japan. Over 250 entities have trusted the company to provide RegTech solutions to stay in compliance with FATF guidance.
For more information visit: https://www.coinfirm.com
About SIX FinTech Ventures:
SIX FinTech Ventures is the CHF 50 million VC arm of Swiss financial market infrastructure provider SIX that invests in global early-stage startups with the goal of strengthening the innovation and competitiveness of the Swiss and Spanish financial centers. SIX FinTech Ventures invests in scalable Seed and Series A stage companies that can grow into leaders in their segment.
For more information visit: https://www.six-group.com/de/company/innovation/start-ups.html
About FiveT Fintech:
FiveT Fintech invests in and supports exceptional entrepreneurs redesigning financial services through digitization and the use of cutting-edge technologies. Formerly known as Avaloq Ventures, we are working closely together with Avaloq’s ecosystem consisting of over 150 established banks, spread across 30 countries with over $4’500bn in client assets, as well as 120+ fintech start-ups. Being at the forefront of financial innovation, FiveT Fintech helps banks and financial service providers to venture into new areas and provide early-stage fintech companies a platform to prosper and scale.
For more information visit: https://fivet.com/fivet-fintech