Coinfirm raises USD8m in Series A funding round and appoints new CEO
Coinfirm, the global leader in RegTech for digital currencies and the blockchain-based financial ecosystem, has closed its USD8 million Series A funding round.
The company has also appointed Mircea Mihaescu as its new Chief Executive Officer.
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.
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,” says Mihaescu.
In the first half of 2021 Coinfirm almost doubled the SaaS customer count whilst the company grew MRR by over 70 per cent. 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 as non-director members.