Digital asset banking startup Greengage has secured a £2.5m investment from Gilbraltar-based portfolio business IOVlabs.
Founded in 2018, Greengage claims it is the first fully integrated financial services group that is bridging traditional fiat currency and trading with the digital asset and cryptocurrency sector.
The firm said it plans to become the first merchant bank for the digital finance sector. It offers banking services and solutions for FinTechs, SMEs, digital asset companies and provides an entry into the emerging blockchain economy for existing regulated financial services businesses.
According to Greengage, this investment will support its ongoing expansion, technology developments and team growth. In respect to the latter, it will help with the hiring of a new CFO, head of operations, head of compliance and money laundering reporting officer.
IOVlabs is focused on creating socially responsible and inclusive financial technology tools that chime with Greengage’s own mission, the asset banking startup claimed. The companies will work together to support the expansion of business-to-business lending to underserved markets such as SMEs.
Greengage CEO Sean Kiernan said, “IOVlabs have long been recognised in Gibraltar – and globally – as one of the top pioneers in the digital finance world. Their team combines deep technology expertise with a vision to build an internet of value which provides greater financial freedom and is open to everyone.
“We are excited to have an institutional investor of this calibre and to explore together the future possibilities of cryptocurrencies, digital identity and clean, decentralised finance developed on top of the world leading RSK blockchain and RSK Infrastructure Framework platforms. We look forward to building on this investment to bring innovative new financial services solutions to the market.”
IOVlabs CEO Diego Gutierrez Zaldivar added, “We are delighted to partner with Greengage and join them in making a key contribution to build a more equitable and decentralized financial system. We are excited to be part of the growth of their robust digital banking platform, which uses advanced technologies to facilitate cost-effective transactions for underserved SMEs within both traditional currency and cryptoasset markets”.
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