Lithuanian startup Axiology raises €5 million to develop tokenised capital markets platform

Vilnius-based capital markets infrastructure provider Axiology has secured €5 million in Seed funding to introduce new tokenised securities capabilities under the EU DLT Pilot Regime – bringing the full lifecycle of digital fixed-income instruments into one regulated environment.

The funding round, led by Exponential Science, e2vc and Coinvest Capital, was joined by new investors TIBAS Ventures and Plug and Play. The Seed round is also supported by the previous round investors like BSV Ventures, NGL Ventures and others. To date, Axiology has raised €7 million.

This follows 2024’s €2 million raise, as reported by EU-Startups.

“Europe’s Savings and Investment Union won’t be built by policy alone – it needs new market infrastructure,” says Marius Jurgilas, Founder and CEO of Axiology. “The Market Integration Package and the DLT Pilot Regime finally give us the legal space to do that. Our system is already live, and this funding allows us to scale a unified, regulated platform for European capital markets.”

Axiology’s Seed round aligns with a broader wave of European investment into regulated digital-asset and capital-markets infrastructure during 2025.

In Germany, Tangany raised €10 million to expand regulated digital-asset custody services for financial institutions, while UK-based Fnality secured €115 million to scale its DLT-based wholesale payment and settlement infrastructure.

Adjacent activity includes London-based Agio Ratings, which raised €5 million to provide crypto-risk analytics for banks, and Nodu, which closed a €1.25 million pre-Seed round to develop compliant stablecoin and payment infrastructure. In France, Spiko raised €18.9 million to build tokenised cash-management tools aimed at improving access to treasury yields.

Collectively, these announcements represent approximately €150 million in disclosed funding flowing into European DLT-enabled financial-market infrastructure.

“Europe’s capital markets are undergoing a structural shift as issuers, infrastructures and regulators look for more efficient ways to manage the lifecycle of securities,” says Jochen Metzger, Board member of Axiology and retired Bundesbank Senior Official. “Axiology is one of the few platforms able to operate each stage within a single regulated system, which is indispensable for addressing market fragmentation across Europe. This investment signals strong confidence in our ability to deliver the infrastructure that modern markets require.”

European retail investors can buy an ETF with a single euro yet still cannot easily access government bonds, which remain some of the safest instruments in the world.

From a technological standpoint these instruments can be issued and transacted in smaller, retail-friendly denominations. However, Axiology says broad access has been limited by market infrastructure rather than capability. Axiology’s system aims to close this gap by providing the regulated infrastructure needed to make digital bonds available to a wider public.

Founded in 2023, Axiology is on a mission to unite Europe’s fragmented capital markets. Its exclusive Distributed Ledger Technology Trading and Settlement System (DLT TSS) licence gives the company a opportunity to do so. It allows Axiology to consolidate issuance, custody, trading and settlement within a single regulated system, simplifying processes and driving costs down for participants of this infrastructure.

Axiology is working with the Ministry of Finance of the Republic of Lithuania on a digital-native version of the country’s Government Defence Bonds. These bonds are currently distributed through local financial institutions, limiting access. Issuing them digitally through Axiology’s TSS would make them available across the entire European Economic Area, widening participation for investors including the Lithuanian diaspora and supporting a broader funding base for national defence.

Since founding the company has introduced three services to the market:

• The securities depository services are already used by crowdfunding platforms. Axiology’s infrastructure enables these platforms to structure debt instruments as bonds and distribute them to their investors, allowing partners to offer a broader range of asset classes and support portfolio diversification.
• The shareholder registry management service is currently live across Lithuania, with more than €21 million in shares already recorded. The company plans to expand this service to additional markets abroad.
• The latest addition to Axiology’s infrastructure is its Multilateral Trading Facility (MTF). Brokers already connected to the platform ensure market activity from the first day of operation. Leveraging Axiology’s licence, the MTF is integrated into the company’s unified trading and settlement infrastructure, allowing clients to access depository, trading and settlement services within a single system.

“We’re excited to support Axiology alongside our co-leads in this next phase of growth. The team has built a strong platform with clear international ambition, and we look forward to working together to scale further in the region and beyond,” comments Kaan Eren, Partner at e2vc.

Built for institutional clients, Axiology’s system operates on a private, permissioned network that provides regulatory compliance, transaction finality and tamper-evident auditability. The company leverages DLT and utilises European stablecoins licensed for atomic settlement, enabling near-instant execution compared with traditional T+2 cycles.

The newly secured capital will accelerate Axiology’s expansion, deepen institutional partnerships, support geographical expansion and interoperability efforts. The company is also preparing to participate in wholesale CBDC initiatives such as the ECB’s Appia and Pontes projects and plans to connect with TARGET2 to further streamline settlement flows.

“We are delighted to continue backing Axiology, this time alongside new international investors, as the founders work to build safe, efficient, and affordable access to Europe’s capital markets. Axiology’s vision is fully aligned with our mission to nurture a more inclusive financing ecosystem and to close key market gaps for both companies and investors,” noted Viktorija Trimbel, CEO and Managing Director of Coinvest Capital.