Estonian startup CryptoSwift raises €510k in pre-seed round to simplify Travel Rule compliance for crypto companies

CryptoSwift, an Estonian compliance infrastructure startup simplifying Travel Rule implementation for crypto companies, has raised a €510,000 pre-seed round. The round was backed by early-stage investors Tenity, Startup Wise Guys, DEPO Ventures, and a group of angel investors. 

About CryptoSwift

• CryptoSwift is a compliance solution designed for crypto asset service providers, such as exchanges, custodians, and wallets, to meet regulatory standards like the FATF Travel Rule and EU MiCA regulations. 

• The platform automates the exchange of required sender and receiver information between Virtual Asset Service Providers (VASPs), ensuring regulatory compliance. 

• CryptoSwift offers infrastructure directly to VASPs and also provides a Partnership API for crypto compliance companies, allowing them to offer Travel Rule services to their customers.

“We invested in CryptoSwift first of all because of the team and their experience and because of the problem the team is solving. All the players in the Crypto ecosystem need to be compliant with the Travel Rule and with CryptoSwifts easy API it’s definite nobrainer for VASP-s and other market players,” says Priit Uustulnd, COO at Startup Wise Guys.

Investment details

The pre-seed round was backed by Tenity, Startup Wise Guys, DEPO Ventures, and a group of strategic angels.

• Tenity is a global innovation ecosystem and early-stage investor making innovation work and advancing the future of finance.

• Startup Wise Guys accelerator invests in early-stage startups from Estonia and Central European and African regions. It has invested in more than 350 startups and had 13 exits since 2012. It invested in Ukrainian defense tech startup Frontline and Estonian fintech startup Pointship.

• DEPO Ventures focuses on early-stage investments in software, AI, and IT industries, with a geographical emphasis on Central Europe, including the Czech Republic, Germany, and Slovakia.

The fresh funding will enable CryptoSwift to expand across Europe, grow its technical and sales teams, and accelerate integrations.