CoinShares expands stake in Swiss Fintech startup FlowBank with a $26.5 million investment
Swiss Fintech startup FlowBank announced today that CoinShares has increased its stake in the company to become an integrated digital asset fintech company. The UK-based digital asset specialist Coinshares International increased its stake from 9 percent last year to over 20 percent in the online bank for a $26.5 million investment.
The transaction was approved by the Swiss Financial Market Supervisory Authority (FINMA), according to a statement. Following the investment, CoinShares CEO Jean-Marie Mognetti will join FlowBank’s board of directors, the company said.
In a statement, Mognetti said that Coinshares’ investment aligns with the company’s strategic goal to make it an integrated digital asset fintech company.
Founded in 2020 by CEO Charles Henri Sabet, FlowBank is a FINMA licensed online bank on a mission to reinvent the online investing experience. The FlowBank App allows users to invest, exchange and manage their money all in one place with the security of a Swiss bank. FlowBank currently offers access to over 50’000 financial products globally. Headquartered in Geneva, Switzerland, FlowBank also has offices in Zurich plus a team of 120 people across both locations.
“We are delighted that CoinShares continues to recognize and support FlowBank’s great potential and accomplishments and has decided to increase its stake in our bank. Today, FlowBank’s clients can invest in CoinShares’ crypto on CFDs and gain exposure to digital currencies in this way. This is only the beginning. We look forward to collaborating further with CoinShares in the coming months and taking our product offering to the next level, together,” Charles Henri Sabet.
“After remarkable financial results in 2021, we continue to build an ambitious plan to make Coinshares an essential and leading player in the digital asset space. We are very excited to increase our participation in Flowbank, a key innovative player in Switzerland,” Mognetti said.
CoinShares strategic investment in FlowBank brings together two trusted players in their respective markets and is a sign of industry transformation, which will benefit investors in Switzerland and beyond.
“After remarkable financial results in 2021, we continue to build an ambitious plan to make CoinShares an essential and leading player in the digital asset space. We are very excited to increase our participation in FlowBank, a key innovative player in Switzerland powered by unique technology, and allow them to leverage our technology and digital asset expertise. This is aligned with our strategic plan to make CoinShares an integrated digital asset fintech company.” Jean-Marie Mognetti, CEO of CoinShares.