Just four years after its founding, the company that offers a wallet to manage crypto assets is conducting its third fundraising effort, strong at $40 million.
Silver continues to appeal to investors. Despite being one of the most common names, the scale-up launched by three Belgians is making a name for itself in the cryptocurrency market. Launched in January 2018, the company has developed: a digital walletallowing users to manage their crypto investments in a simplified way.
Launched with an initial capital of 4 million euros, the company raised 12 million euros in 2020, just two years after entering the market. Two years later, the company is pulling back. This time 40 million euros was invested in the company, in the form of taking shares in the capital.
As with its previous fundraisers, the company turned to foreign funds. Fabric Ventures and Metaplanet are notably joining the adventure, while previous investors have also returned. “We also called onare more strategic investorswhose expertise was particularly useful for our development,” explains Itamar Lesuisse, CEO and co-founder of Argent.
The investment will mainly be used to optimize the application. “Since our launch, we have focused most of our efforts on functionality. With most of this project complete, we want to improve the customer experience and add features,” said the CEO. Initially focused on crypto ethereum, Argent is increasingly opening up to the wider crypto universe. “We are particularly interested in NFTs and services that we can set up in our app to manage them. Video games that allow transactions are also of interest to us,” the manager added.
“Depending on the timeframe, we have between $500 million and $1 billion under management on Silver, in the form of crypto.”
Parallel to this project, the group wants to continue its international efforts. Currently, Argent claims 500,000 users† “Depending on the period, we manage between 500 million and a billion dollars. Anyone with a smartphone can create an account. Still, technical brakes”, says the person in charge.
Grow without becoming gigantic
“Crypto has the advantage of being a very efficient industry. It’s possible to become a really big player, without having to hire hundreds of people.”
To achieve its new objectives, the scale-up will benefit from the injection of fresh capital to expand its team. “We are about thirty and by the end of the year we should double our team,” says the CEO of the company, which works in a fully decentralized way with employees around the world. However, the boss does not want to commit himself to revenge. †There’s no point in growing up too fast† Some have done it and it was a failure. Crypto has the advantage of being a highly efficient sector. It is possible to become a very big player without having to hire hundreds of people especially, as is the case in the banking market,” explains the CEO.
With such fundraising, the scale-up can face the coming years with confidence. Enough to get its leaders working on the best long-term strategy. “We could become profitable quite quickly, but we need to see if we still want to bet on growth, as we have done so far. If we continue in this direction, there will be even more significant new operations and that will be worth more than a billion dollars to us“, launches Itamar Lesuisse.
- Argent is a Belgian scale-up launched by three Belgians.
- She specializes in managing cryptos and has developed a digital wallet.
- After only four years of existence, they have already signed their third fundraiser.
- The company claims 500,000 users worldwide.