Deblock, a French crypto-banking startup founded by four Revolut alumni, has secured a fresh capital injection.

On Wednesday, the firm announced the raise of an additional $35 million in a Series A funding round led by venture firms Speedinvest, CommerzVentures and Latitude. Existing investors Shapers, Headline, Chalfen Ventures, and Kraken Ventures also participated in the round.

Deblock plans to use the funds to fuel its expansion across Europe, starting with Germany as its second market after France.

“Germany’s strong adoption of digital financial services and established regulatory framework make the German market a natural next step on Deblock’s European expansion path,” the firm said in a release shared with DL News.

Deblock previously raised approximately $29 million through an initial $12 million seed round in 2023 and a further $17.5 million seed round in November 2024.

The latest raise values Deblock at around $208 million.

The round adds to the $22 billion pile of funding that investors have ploughed into crypto startups in 2025, doubling 2024’s total, according to data from DefiLlama.

Neobanking frenzy

Deblock is a so-called crypto neobank that aims to leverage blockchain technology to offer users higher yields on deposits in a bid to outcompete traditional banks.

The firm links bank accounts with self-custodial crypto wallets, giving customers access to both the traditional banking system and decentralised financial services.

“We target both crypto natives and opportunity seekers: crypto users looking for a crypto-friendly bank, and more traditional neobank customers attracted by a better yield on their euros,” Jean Meyer, CEO and co-founder of Deblock, told DL News.

But it’s not the only firm with a similar idea.

More than half a dozen new crypto neobanks have launched over the past year, banking on clearer regulations and the technological savvy of younger generations to fuel their success.

Bigger crypto firms are also muscling into the space.

Earlier this week, Aave Labs, the firm behind the $55 billion Aave lending protocol, unveiled a new savings app offering up to 9% returns on deposits.

These newer entrants will have to compete with existing neobanking giants like Chime, Revolut and Monzo, who are meeting crypto neobanks halfway by rolling out their own blockchain features.

Ambitious plans

The challenges in competing with established banking titans are something Deblock’s founders know well.

The firm’s four co-founders, Aaron Beck, Adriana Restrepo, Jean Meyer, and Mario Eguiluz, were all previously executives at Revolut.

Revolut is now one of the most valuable fintech firms in Europe, having achieved a $75 billion valuation at a secondary share sale to employees and investors in September.

Deblock’s founders are hoping to replicate that success.

Since launching in France in April last year, Deblock says it has onboarded more than 300,000 customers.

The firm has also secured several key regulatory licenses needed for its expansion plans in Germany. It is authorised as an Electronic Money Institution by the Banque de France, and was the first fintech to receive a Markets in Crypto-Assets licence from the Autorité des Marchés Financiers.

“Our goal is to create a clear and secure way to use both euros and digital assets in everyday life,” Meyer said. “These markets are critical to defining the future of onchain banking in Europe.”

Tim Craig is DL News’ Edinburgh-based DeFi correspondent. Reach out to him with tips at tim@dlnews.com.