Cobalt has advised Estonian fintech company Modularbank on raising EUR 4 million of late seed funding. The round was led by Karma Ventures and BlackFin Capital Partners, with additional support from Plug and Play Ventures, Siena Capital, and angel investor Ott Kaukver.
Cobalt describes Modularbank, which was founded in 2019 in Estonia, as "a next-generation core banking platform." According to the firm, "it underpins the aims of both regulated banks and other businesses in meeting customer needs and aspirations by enabling the rapid rollout of new financial services.”
Cobalt’s team included Counsel Ott Aava and Associate Kerli Paasoja.
Cobalt did not reply to our inquiry on the matter.
Editor’s note: After this article was published, Ellex announced that it had advised Karma Ventures and BlackFin Capital partners on the transaction. The firm’s team included Counsel Antti Perli, Senior Associate Hanna Pahk, and Associate Merlin Liis.