Tangany lands seven million euros

The company custodies crypto assets and aims to use blockchain to protect them from hacker attacks.

Munich-based fintech Tangany has raised seven million euros in a funding round, as Finance Forward reported. Most of the money reportedly came from European investor Nauta Capital, which has stakes in Mistho and Insurq, among others, in Germany. Bonn-based High-Tech Gründerfonds (HTGF), a public-private venture capital investment firm, and Creator Collective Capital (C3 VC) also invested in Tangany.

Tangany offers custody of digital assets on the blockchain. This is intended to protect the financial assets from hacker attacks, among other things. The company has already won Tezos Foundation, Quirin Privatbank and Exporo as customers. According to the source, the savings banks are also said to have negotiated with Tangany for a crypto pilot project. The firm already holds €400 million in crypto assets in custody, according to Finance Forward. Compared to the previous year, its revenue is said to have increased fivefold.

Tangany had launched in 2019. The founding team consists of Martin Kreitmair, Christopher Zapf and Alexey Utin. The company was funded in 2018 by the Exist grant in the field of deep tech. This finally resulted in the foundation in January 2019. The company targets customers across the EU and beyond.