FINANCE - FINTECH

Crypto

Cryptobank Coinhouse raises $17.5m



True Global Ventures 4 Plus' French partner Frank Desvignes announced that he has invested US$17.5 million in Nicolas Louvet's fintech Coinhouse. (Photo: Coinhouse)

True Global Ventures 4 Plus' French partner Frank Desvignes announced that he has invested US$17.5 million in Nicolas Louvet's fintech Coinhouse. (Photo: Coinhouse)

A week after announcing that it would start developing activities in Luxembourg, French company Coinhouse has announced that it has raised $17.5m in a Series B round led by True Global Ventures 4 Plus, with participation from the Digital Tech Fund via Expon Capital.

"Coinhouse wants to position itself as the first European 'cryptobank'. Its objective is to make cryptoassets accessible to as many people as possible, within a regulated framework that guarantees investors' peace of mind. Thanks to this fundraising, Coinhouse will continue to diversify its offer, expand in Europe, and strengthen its team to support its growth and allow European customers, individuals and companies, to diversify and grow their savings,” says Nicolas Louvet, co-founder and CEO of Coinhouse and Coinhouse Custody Services.

In addition to being the first two companies regulated by the French Financial Markets Authority, they have also been registered with the CSSF, which does not include prudential supervision. Louvet did not hide his intention to recruit two people in Luxembourg in this context. It should be noted that for banking activities, Coinhouse would have to obtain another CSSF approval than the VASP.

True Global Ventures 4 Plus (TGV4 Plus), also present in Luxembourg with Maria Mateo Iborra, invested $5.7m and led the $17.5m Series B funding round in Coinhouse, in which the Digital Tech Fund participated for an undisclosed amount.

Since its separation from Ledger in 2017, Coinhouse has been one of the industry's leading cryptobanking pioneers, as it allows its 500,000 users to buy, hold and sell their bitcoins, ethers and over 40 cryptoassets. It is now an online platform for individuals and institutions to acquire and secure their digital assets.

Three years after its last fundraising round, the fintech has tripled its headcount and increased its revenue 12 times, the statement said.

This story was first published in French on Paperjam. It has been translated and edited for Delano.