Fintech
3Folio: Viennese Fintech Company Raises 700,000 Euros
Viennese startup 3Folio secured over €700,000 in seed funding, including investment from Blockpit AG. It launched a crypto tracker for institutional investors to streamline managing and reporting crypto assets. 3Folio aims to reduce administrative efforts by 70%, with plans to expand across Europe, enhance tax reporting, and support crypto funds in Austria and Germany.
The Viennese startup 3Folio received more than 700,000 euros in a seed financing phase. The fintech company was able to secure a strategic investment from Blockpit AG right when it was founded in 2022.
A little later, it launched the first crypto tracker for institutional investors. The young company’s platform is intended to help these investors to efficiently track, manage and report their crypto assets. The portfolio size should not play a role.
“Reduce the effort required to manage crypto assets by 70 percent”
3Folio is currently in the onboarding process of the first crypto funds from Austria and Germany. This process is supported by the new extension module specifically for funds. Additional modules for accounting and tax are in development. 3Folio plans to gradually introduce these modules in the coming months. These modules offer family offices and crypto funds a comprehensive solution for the management and documentation of digital assets.
“Our goal is to reduce the administrative effort involved in managing crypto assets for companies by up to 70 percent and to roll out our solution across Europe. In addition, we are currently developing a solution that will significantly simplify collaboration with tax advisors. This allows institutional investors to concentrate more on their portfolio management while 3Folio automates the administrative process,” explains Michael Schöngruber, founder and CEO of 3Folio.
3Folio wants to expand its position in Europe
One of the startup’s strategic investors from the very beginning is Blockpit. “While Blockpit focuses on the needs of retail investors and authorities, our focus is on institutional investors such as funds, asset managers and family offices. Thanks to this clear separation of target groups, our offerings complement each other perfectly without being in direct competition. Through this collaboration, we can ideally serve the European market and create new opportunities for our customers,” said 3Folio.
With the fresh capital, the startup wants to expand the core team, increase visibility and drive forward the further development of the products. By the end of the year, the platform should enable institutional customers to efficiently prepare all relevant data for the annual financial statements and seamlessly transmit it to tax advisors.
3Folio sees this step as a significant milestone. The startup wants to expand its position in Europe as one of the first solutions for institutional investors, such as funds.
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(Featured image by Jack B via Unsplash)
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First published in TRENDING TOPICS. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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