Greengage secures GBP2.5m institutional investment from IOVLabs Fund
Greengage, which has plans to become the first digital asset merchant bank, has secured its first institutional investment, a commitment of GBP2.5 million from Gibraltar-based portfolio firm, IOVlabs.
This latest investment will support Greengage’s ongoing expansion, technology developments and team growth, including the hire of a new CFO, Head of Operations, Head of Compliance and Money Laundering Reporting Officer.
As a long-standing investor and builder in digital finance, IOVlabs is an ideal partner for fellow Gibraltar-based firm Greengage. IOVlabs’ vision of creating socially responsible and inclusive financial technology tools chimes closely with Greengage’s own mission, including its goal to support the expansion of B2B lending to underserved markets such as SMEs. Greengage will be supporting RSK Blockchain’s, smart contract platform and the RSK Infrastructure Framework (RIF), which provides the building blocks for a fully decentralised economy.
Greengage CEO, Sean Kiernan, says: “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”. He continued “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.”
Diego Gutierrez Zaldivar, IOVlabs CEO said: “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”.
Greengage is currently engaged in the regulatory approval process with the GFSC to receive a Gibraltar banking licence.