Gruppebilde av Firi-teamet

Firi raises NOK 12M in a share issue led by Skyfall Ventures

Thuc Hoang08/03/2021

We are pleased to announce that we have raised NOK 12M in a share issue led by Skyfall Ventures. The company has experienced fantastic growth in recent months and the focus of the company is now on launching new products and markets in the Nordic region.

Firi is Norway's largest trading venue for buying and selling cryptocurrencies with over 40,000 registered customers and NOK 1.1 billion in trading volume since launch.

Read more about us and how to use Firi here.

Key figures

  • A total of 40,000 registered customers.
  • 40% growth in the number of customers in the last 30 days.
  • NOK 1.1 billion in trading volume since launch.
  • NOK 451 million in trading volume in February 2021 and NOK 84 million in average weekly trading volume in 2021.
  • 2550% growth in monthly trading volume since October 2020. From NOK 17M in October, NOK 53M in November, NOK 97M in December, NOK 333M in January to NOK 451M in February.

Quote from Espen Malmo, Managing Partner in Skyfall Ventures

We invested NOK 4 million in Firi last autumn, and now we are investing an additional NOK 5 million. The progression and growth of Firi has been fantastic, and the company has now taken the clear number one position in the Norwegian market.

We have been involved in the ecosystem around blockchain technology since 2012, and have a long lead time and good expertise in the area. We observe that there are many "airy" companies and projects in the field of cryptocurrency. Firi is in contrast a company that has rock-solid technology, has a live service with over 40,000 users and generates good revenue.

It has been a long time since we have seen a company in Norway that has grown as fast as what Firi is now doing and we will use the new capital to accelerate growth further.

Quote from Johan Bakken, CEO in Bakken & Bæck Invest

We have worked closely with Coinbase for many years, and have seen how quickly a dedicated team with a clear goal can become a global leader in new technology.

There is a need and market for local players in cryptocurrency, and after we have become better acquainted with Thuc and the team, we believe they are positioned to take this position in the Nordic region.

Quote from Thuc Tuan Hoang, CEO in Firi

We take it as a vote of confidence from Skyfall Ventures and our investors that they want to continue investing in us. Thanks to Skyfall Ventures, The Factory, Bakken & Bæck and our angel investors, we have gained access to expertise and opportunities to grow. We look forward to further cooperation with our investors and the road to new heights.

Now that we have raised more growth capital, we are getting ready to enter new markets in 2021. With a large customer base, we have a very good basis for launching new products and services that fit into our ecosystem.

About Firi

Firi's mission is to offer a secure and user-friendly platform that is an entrance portal into the new digital financial system.

We do this by using well-known services such as BankID and Vipps Logg Inn, and put security and user-friendliness in the driver's seat.

The product is offered to regular users, but also companies that want to invest in cryptocurrency.

Firi was registered as a service provider for storage and exchange of cryptocurrencies in January 2019.

Read more about how to use Firi here.