Munich-based fintech startup Tangany raises €7 million to continue their Wallet as a Service growth strategy
Tangany, a BaFin-regulated white-label platform for custody of crypto assets, has just raised €7 million in a seed round led by Nauta Capital.
Existing investor HTGF and new investor C3 VC Fund also participated in the round. Tangany’s WaaS (Wallet as a Service) provides highly secure storage for digital assets such as Bitcoin, Ethereum, stablecoins, security tokens and NFTs. Their proprietary solution supports both hot and cold wallets to provide clients the easiest way to adopt blockchain.
The Munich-based fintech startup has seen skyrocketing growth over the last year, onboarding over 25 new clients including Tezos Foundation, Quirin Privatbank and Exporo. This growth reflects now more than €400 million of digital assets under custody, increasing their revenue 5x by the end of 2021. The German FinTech award winners already have a strong European client-base and are already seeing global demand from Asia, America, and Africa, which indicates Tangany’s custody solution is acknowledged worldwide for its quality and reliability.
Martin Kreitmair, CEO of Tangany said: “With this successful funding round we begin the next chapter of our development. We were 4x oversubscribed which shows that Tangany is heading in the right direction. So far, Tangany has been growing through its own profitability. Our partnership with Nauta Capital, C3 VC Fund and our existing investors, will enable us to accelerate our growth by expanding our team whilst also retaining our exceptionally high standards of quality and reliability. We will continue to innovate, and we couldn’t be more excited for the future.”
The team is expected to grow to more than 50 employees by the end of 2022, starting with the key hiring of Heinrich Polke, their new COO. The fresh capital will also enable Tangany to add new services to the existing core custody business such as staking and yield farming. In parallel, the different business activities will be streamlined through one unified API and a newly added website interface for clients.
Tangany’s mission is to advance crypto adoption and enable organisations to expand their catalogue of financial products whilst making the transition for their customers as smooth as possible.
Markus Düttmann, Principal at Nauta Capital commented: “Although the crypto industry has received a lot of attention recently, it has yet to cross the chasm from early adopters to mass market. This is largely due to the underlying technical complexities which Tangany and other custodians will play an instrumental role in abstracting away, thereby providing access to the next wave of crypto users. We are particularly excited about Tangany’s embedded approach, which allows anyone to seamlessly integrate cryptocurrencies into their offering.”
Tangany Website:- https://tangany.com/
Curated By:- Mainstage Hub
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