London’s VC-backed Agio Ratings lands €5 million to support banks entering the crypto market

Agio Ratings, a British source of risk insights in digital assets, has closed a €5 million funding round to expand its research and engineering teams, broadening the scope of its risk ratings and supporting banks as they enter the digital asset market.

The round was led AlbionVC, with participation from Portage Ventures and MS&AD – bringing total raised to over €9 million.

Ana De Sousa, CEO Agio Ratings, said: ”We’re thrilled to have such strong backing from leading investors who understand the massive opportunity in managing crypto risk. This funding allows us to expand our team of world-class researchers and engineers while deepening our partnerships with major financial institutions. The interest we’re seeing from top-tier banks shows that they need our independent risk insights to participate safely.”

Kibriya Rahman, Investor at AlbionVC added: “As the digital asset market continues to mature, it urgently needs independent, institutional-grade risk management. Agio Ratings has proven they can deliver exactly that. Their ability to predict major market events like FTX’s collapse while others missed the warning signs demonstrates the sophistication of their approach. We’re excited to back Ana and her team as they scale to meet the demand from banks, funds, and insurance companies, and become the global category leader in the space.”

Founded in 2022, Agio Ratings aims to address a critical gap in the cryptocurrency market by quantifying the risk of exchanges, custodians and lenders. This enables trading firms, insurance companies and banks to make informed decisions and optimise their risk-adjusted returns.

Its ratings are used by risk teams such as Wintermute, Ledn, Relm Insurance and more.

Unlike the traditional ratings agencies, Agio Ratings uses quantitative methodologies that can capture a firm’s default risk as market conditions shift. Their data-based approach also makes it possible to identify risk signals that the market underweighs or neglects. The company’s track record demonstrates the value of its approach.

For example, Agio Ratings’ models identified FTX’s high probability of default four months before the exchange’s bankruptcy, and correctly assessed that Bybit had sufficient resilience to survive its $1.5 billion security breach.

Wintermute’s Head of Risk, Alain Passini, shares the emphasis on good risk management: “Growing institutional participation is transforming crypto markets and creating a greater need for credible, independent risk intelligence. Agio Ratings provides a clear, data-driven view of the probability of default for exchanges and other institutions, and their alerts deliver a valuable independent signal alongside our own monitoring by flagging anomalous transaction patterns.”

In early 2025, Agio Ratings partnered with Relm Insurance to power their crypto exchange default product and are now in discussions with banks in the US and Europe to support their entry into crypto trading, lending, and stablecoin orchestration.