Wells Fargo in $28m series-B for Elliptic

Mariia Bondarenko
14 February 2020

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Wells Fargo Strategic Capital (WFSC) has joined a series-B funding round for Elliptic, a London-based provider of crypto-asset risk management products, bringing the total amount raised to more than $28m.

WFSC joins a group of existing investors that committed to the round in September 2019, including Tokyo-based financial conglomerate SBI Group, Santander InnoVentures, AlbionVC and SignalFire. At that time, the investors injected $23m in the company.

In addition to fuelling its expansion in Asia, Elliptic will use the fresh capital to hire the resources needed to accelerate the roll-out of a new risk management tool for financial institutions.

Previous funding
In 2014, Seed Capital invested an undisclosed amount in the company. Octopus Investments led a $2m funding round for Elliptic later in 2014. The seed funding round saw several angel investors back the company alongside Octopus.

Paladin led a $5m series-A round alongside Santander InnoVentures, KRW Schindler, The Digital Currency Group and existing investor Octopus in 2016.

SignalFire led a $5m funding round in 2017, with participation from NCSC Cyber Accelerator.

Company
Founded in 2013, London-headquartered Elliptic provides insured crypto-asset storage services and risk management products for businesses and financial institutions. The company employs around 90 people, according to LinkedIn. It has offices in New York, Singapore and Tokyo.

People
Elliptic – James Smith (co-founder, CEO).
Wells Fargo Strategic Capital – Basil Darwish (managing director).
SBI Group - Yoshitaka Kitao (CEO).