Coinfirm, an AML compliance solution for digital currencies and blockchain-based financial ecosystems, has closed its Series A funding round on $8m.
Alongside the funding round, Mircea Mihaescu has been named as Coinfirm’s new CEO. Mihaescu joined the FinTech company earlier this year as executive chairman.
The investment was co-led by SIX Fintech Ventures and FiveT, with commitments also coming from MiddleGame Ventures, Mission Gate and CoinShares.
With the funds, the RegTech company hopes to grow its position in the EU and support the launch in the Asian and US markets. Funds will also be used to enhance its product for enterprises and financial institutions.
The Series A round comes after a successful H1 2021, with Coinfirm nearly doubling its SaaS customer count.
UK-headquartered Coinfirm is an AML platform for crypto assets, which hopes to support the adoption of blockchain by protecting the technology from ransomware hacks, human trafficking, sanctions evasion and terrorist financing. It does this by risk scoring entities, addresses and transactions.
Its risk management platform is used by governments, financial institutions, custodians, payment providers, investment funds and exhanges.
Mihaescu said, “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.”
In conjunction with the investment, FiveT Fintech CEO Alexander Christen will join MiddleGame Ventures general partner Pascal Bouvier and Mihaescu on Coinfirm’s board of directors.
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