Coinmotion

Coinmotion, a virtual currency service provider operating in the fast-paced and ever-changing cryptocurrency sector, faced a resource shortage and staff changes. Amid these challenges, the company’s financial processes were at risk of coming to a complete halt. To address the situation, Coinmotion urgently needed an expert familiar with the regulatory and reporting requirements of cryptocurrencies. The solution came from Gallant.

Founded in 2012, Coinmotion is the leading virtual currency service provider in Finland and the Nordic countries. Operating in international markets, the company supports both individuals and institutions in diversifying wealth and investing in cryptocurrencies.

The cryptocurrency market is highly cyclical and constantly evolving. As a result, financial management in the crypto sector requires vigilance, particularly as regulatory demands increase. As a payment institution under the supervision of the Financial Supervisory Authority, Coinmotion must meet strict regulatory reporting requirements.

Amid the hectic cryptocurrency market, Coinmotion’s finance team faced challenges due to resource shortages and staff changes. Expertise was urgently needed, and there was no time to wait for the recruitment process to conclude, especially given the pressing needs of financial supervisory reporting. To address the situation, help was required, and Gallant was ultimately chosen as the expert partner.

“We heard about Gallant through a recommendation. We interviewed several providers but chose Gallant because they offered a combination of versatile expertise and competitive pricing. We were able to get an expert on board quickly enough,” says CFO Juha Hörkkö.

“Payment transactions and payroll continued without issues. The company’s financial management ran seamlessly despite the staff changes. Without a partner, our financial processes would have come to a complete halt,” Hörkkö adds.

Diving Straight into the Deep End

Gallant's expert, Hannes Kuparinen, was selected to assist Coinmotion in a challenging situation.

“The start of the collaboration was very fast-paced and we dove straight into the deep end. During a couple of days of onboarding, we managed to share the most important information and skills as well as set up access to the necessary systems,” he explains.

Initially, Gallant handled the company’s financial management along with financial reporting and oversight. Once the financial foundation was running smoothly, the collaboration expanded to include budgeting, analysis, and forecasting for the business.

“When the critical financial processes were secured, the scope of the interim assignment grew, and I was given additional responsibilities. As a result, my role within the company expanded,” says Hannes Kuparinen.

The partnership also extended to include training, customer events, and offering cryptocurrency tax advisory services.

“In our experience, Gallant has above-average knowledge and expertise related to virtual currencies and taxation,” notes Hörkkö.

Hannes Kuparinen from Gallant adds:

“The collaboration with Coinmotion has been excellent, with very effective two-way communication. In a difficult market environment, it was crucial for the company’s management to receive continuously updated forecasts and future calculations. These reports were consistently produced to support decision-making without any interruptions.”

Quick and Flexible

For Coinmotion, the flexibility and speed of their partner were and remain critical. According to Juha Hörkkö, Gallant is an ideal fit for companies that need financial management expertise on short notice and value adaptable services:

“Gallant is an agile partner and can respond to the needs of an SME better than larger, more rigid companies. Gallant is small enough to care but big enough to meet the diverse needs of a business. Working with familiar people who already know our business makes the collaboration seamless.”

Currently, Coinmotion is focused on developing its operations and driving new growth. The company aims to become the largest player in the Nordic region and provide the best customer experience in Europe for managing, trading, and accessing market insights related to cryptocurrencies. Thanks to Gallant’s customer-oriented approach, the partnership continues to support Coinmotion’s growth journey.

Gallant has a solution-oriented and proactive approach, along with the ability to respond quickly. I know exactly who to call for help with questions about taxation, financial management, or business development, as well as for any unexpected short-term projects or resource needs.

Juha Hörkkö, CFO, Coinmotion