Berlin-based crypto banking start-up Bitwala has raised €13m in a Series A financing round.

The fundraising was led by Sony Financial Ventures and blockchain investment firm NKB Group.

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Earlybird and coparion also participated, providing half of the funding.

Bitwala intends to utilise the fresh infusion to increase client base and staff headcount.

The firm also intends to launch Bitcoin accounts for businesses using the new funds.

Bitwala co-founder and chief technical officer Ben Jones said: “Today, we are offering a bridge for both mainstream users and blockchain buffs, who want to interact with the emerging blockchain ecosystem – the growing digital economy spreading across the globe.

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“While there is still huge upside potential, it has already been a humbling experience to see the ecosystem grow and for Bitwala to play such an important part in that.”

Bitwala provides a free current account with a built-in Bitcoin wallet. It also offers a debit card.

It has facilitated the trading of over €11m worth of Bitcoin since its launch at the end of last year.

The firm has customers in all 31 countries of the European Economic Area and employee strength of over 40.

Bitwala co-founder and chief compliance officer Jan Goslicki said: “We started Bitwala to build something which many thought was not possible: Connecting Bitcoin to the conventional financial system and remain in line with supervisory requirements in one of the world’s strictest regulatory jurisdictions: Germany.”