Fintech startup bags $17M in Series A

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14.07.2020
SILO hardware by Metaco

Building on its growing success, fintech startup Metaco has today announced the completion of its series A round led by the Germany based security technology company Giesecke+Devrient. Existing investors and new strategic partners contributed to the oversubscribed $17M round.

Launched in 2018, Metaco developed an institutional operating system for digital assets, SILO, to enable large financial institutions to securely integrate cryptocurrencies, tokens, and distributed ledger use cases into their core infrastructure. Its unique framework for digital asset custody, transaction management, trading, and tokenization has made it the leading choice for banks and exchanges. METACO has significant Tier 1 and Tier 2 bank implementations including FINMA, BaFin, Banco de España, ECB, and MAS regulated banks and exchanges.

Over the past 12 months, the company has reached significant milestones which include forming new partnerships and continued growth in providing infrastructure for financial institutions. Building on this success, the company has completed an oversubscribed series A round led by Giesecke+Devrient, the German-based security technology company and one of the main central bank infrastructure partners. Standard Chartered Bank, Zürcher Kantonalbank, and venture capital firm Investiere joined the round, which also saw all existing strategic shareholders, Swisscom, SICPA, Avaloq and Swiss Post increased their commitments.

According to the company, the ability to expand Swiss strategic partnerships to new global partnerships in this round is a significant endorsement of the company’s growth internationally, as well as a demonstration of rising institutional interest in digital assets.

The funds will fuel the next phase which focuses on sales growth, product development, and establishing partnerships. The company plans to strengthen its presence in the US, South East Asia, and Western Europe as well as invest in Research and development. The company is planning to launch a fully managed, secure, and cloud-based offering, SILO, that will open up the solution to the entire institutional market. 

Assaf Shamia, Investment Director at Giesecke+Devrient, said: “The tokenization narrative is gaining momentum among regulators and central banks, encompassing a broad spectrum of promising innovations ranging from digital currencies to national identities. Yet tokenized assets require a trusted, secure, and scalable solution to handle the safeguarding of private keys. Following extensive market research, we identified METACO as the dominant player in its field. This large funding round, completed during a period of notable market uncertainty, is a significant milestone for METACO and will allow the company to accelerate its global growth and anchor its position as a category leader in the crypto-custody market.”

(Press release)

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