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Augmentum Fintech has led a $ 25 million investment round in Finnish institutional crypto firm Tesseract.
Tesseract connects institutional capital flows between traditional and digital asset finance, offering white label margin lending, OTC lending and crypto lending products for institutional clients ranging from hedge funds to market makers and providers of wallets.
Yichen Wu, CEO and Founder of Tesseract, said: “The funding will aim to further develop our cutting-edge institutional offerings, hire new talent to develop new and existing partnerships and drive innovation in new non-financial products. disclosed. We will also focus on the development of our margin lending platform on cross-trading platforms. Due to the global nature of our rapidly evolving business, we will also focus our efforts to spearhead our global growth and ensure regulatory compliance globally. ”
The Helsinki-based digital asset lender has been profitable since early 2020, growing 20 times the year-over-year growth as institutions pile up in the crypto space.
Martyn Holman, Partner at Augmentum Fintech, comments: “We are seeing major changes in the infrastructure supporting the crypto space as it evolves towards the demands of increasing institutional activity. After the separation of custody and negotiation during the first waves of evolution, Tesseract fulfills the next basic need in a space of limited leverage. “
News of the investment comes as Augmentum Fintech proposes to raise an additional £ 40million to bolster its financing capacity through a new share issue, having deployed almost all of the capital raised through its IPO in stock market in 2018 as well as issues thereafter.
Other participants in the cycle include global venture capital firms BlackFin Capital Partners, Concentric, DN Capital, Jabre Capital Partners Family Office, LeadBlock Partners and Sapphire Ventures. Industry participants Coinbase Ventures, Wintermute and Woorton have also signed up to the cycle with undisclosed local and international investors and strategic angels. Icebreaker.vc, which made its first investment in Tesseract in 2018, also participated in the round.
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