Crypto market maker Flowdesk raises $102 million in new funding to expand services

Flowdesk, a France-headquartered crypto trading firm specializing in market making and liquidity provision, has raised $102 million in a mix of equity and debt funding to expand its services.

The majority, or roughly 90% of the round, consists of equity, with the remaining around 10% ($10.2 million) structured as debt, Flowdesk's co-founder and global CEO Guilhem Chaumont told The Block.

HV Capital, a European investor, led the equity portion of the round, with participation from French private equity firm Eurazeo, Cathay Innovation and ISAI VC, Flowdesk said Tuesday. The debt financing came from funds and accounts managed by BlackRock, Flowdesk added.

As part of the investment, HV Capital has gained a board seat at Flowdesk, Chaumont said.

Chaumont emphasized that taking on debt was a strategic move aimed at scaling the firm's balance sheet in a sustainable way. And "we will do so not only with equity or our own profits. That's why we chose the path of debt, which is a non-dilutive option for us," he said. "This option is available to us given the financial health of the company and our capacity to easily repay the debt."

Chaumont declined to specify when the fundraising process began but said that most of the transactions were finalized in 2024. He also said that Flowdesk wasn't actively seeking to raise new funds, but it moved forward with the round after receiving strong inbound interest from investors.

Flowdesk's latest funding comes just over a year after its $50 million Series B round was announced in January 2024, which valued the company at over $250 million, sources told The Block at the time. Chaumont declined to disclose Flowdesk's current valuation but said the firm remains "financially healthy."

Flowdesk's funding comes amid a bullish crypto market driven by rising institutional adoption, regulatory clarity and increasing demand for tokenization.

Flowdesk's expansion plans

Founded in 2020, Flowdesk provides crypto trading services, including market making, liquidity provision (including for crypto ETFs), OTC trading, brokerage and treasury management. The firm said its revenue grew eightfold in 2024. Chaumont did not disclose absolute revenue figures. He also declined to share trading volume details but said Flowdesk ranks among the top liquidity providers on most of the 150 venues where it operates.

With fresh capital in hand, Flowdesk plans to capitalize on the growing demand for tokenization, scale its OTC derivatives business and set up a dedicated crypto credit desk.

"We aim to bridge a gap in the market for crypto credit facilities," Chaumont said. "Our goal is to act as an institutional credit provider with both the balance sheet and market access to source liquidity from multiple providers. The desk will facilitate borrowing and lending by matching supply and demand at competitive rates. For example, we can provide debt against a foundation's own token, collateralized loans for high-net-worth individuals against Bitcoin, or leverage solutions for investors."

Beyond setting up its credit desk, Flowdesk is doubling down on proprietary trading infrastructure and compliance. To that end, the firm plans to nearly double its workforce within the next 12 months from its current headcount of around 140 employees, Chaumont said. It also intends to open an office in the United Arab Emirates, adding to its existing locations in France, Singapore and the U.S.

On the regulatory front, Flowdesk is actively preparing for the European Union's Markets in Crypto-Assets ( MiCA ) framework, which is set to take full effect in phases.

"Not all of MiCA is in effect yet," Chaumont said. "For example, stablecoin regulations take effect in June 2025, and there is a transitional period until June 2026 for digital asset service providers in France to achieve full compliance. Flowdesk is already compliant and actively working on various initiatives to align with MiCA regulations."

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