LONDON, 19 June 2023: Greengage, the UK digital merchant banking pioneer, announced today that it has raised over £1m in the first phase of a fresh funding round, with a follow-on round anticipated later in 2023*. Existing investors following through include blockchain technology leaders, IOVlabs, the first ever Bitcoin sidechain creating “everyday DeFi” solutions, and Coinsilium Group, the Web3 investor, advisor, and venture builder, who remain as principal investors.

Following the recent launch of its e-money account services, Greengage continues to deliver on its strategy of providing GBP and EUR payment and card solutions to the burgeoning digital asset industry, as well as servicing HNWs and SMEs, with all clients having a dedicated Relationship Manager. With this additional round of funding in place, the firm continues to scale and build value in the business including the expansion of its sales team and the appointment of industry veteran Lynn McConnell as Head of Compliance and MLRO.

Lynn is a seasoned compliance professional with over 25 years’ experience in banking, including as a former UK regulator and senior compliance officer in several major UK banks including Barclays Non-Core Division and RBS Group. She has served as CFO of fintech start ups in both the UK and USA and most recently was Compliance Director Europe for Binance.

Greengage CEO Sean Kiernan commented: “I’m proud to have raised over £1m in our current funding round and would like to thank our existing investors IOV Labs and Coinsilium for following through alongside new investors at a £30m valuation. This raise and our increased valuation are a testament to the hard work and dedication of the Greengage team in a challenging market environment. We’re confident in our continued growth and in the positive feedback we are receiving from our first batch of e-money account holders. 2023 represents a key stage in our evolution as we continue on our path to be a digital merchant banking pioneer.”

Lynn McConnell, Head of Compliance, added: “I’m excited to join the firm at this pivotal stage in its development. Greengage occupies a much-needed space in the market as SMEs and digital assets firms still struggle to access reliable and affordable banking services. Greengage is pioneering a new approach bridging the traditional financial services space with the latest in digital innovation and I’m delighted to be part of its growing team.”

*Note: The current funding round on the Archax platform closes on 31 July 2023.

About Greengage
Greengage is a digital merchant banking pioneer, that provides a platform of relationship-based e-money account services to SMEs, high net worth individuals, and digital asset firms to the highest ethical, secure and compliance standards. Alongside our account services, we provide clients access to a B2B lending platform offering digital sources of money, as well as a suite of business apps. Our tailored services are delivered by people, empowered by technology. For more information visit: https://www.greengage.co

Disclaimer: *E-money solutions are provided as a distributor of Modulr FS Limited, Greengage is not regulated by the Financial Conduct Authority. The Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS) do not apply to the activities carried on by Greengage.