Sybol raises over €1 million to build Europe’s corporate digital identity wallet

The European Union’s eIDAS2 regulation is reshaping how organisations manage digital identity, creating a new market for enterprise-grade identity wallets that can issue, verify, and manage credentials at scale. Spanish startup Sybol has raised over €1 million in combined public and private investment to accelerate the rollout of its corporate digital identity platform, positioning itself at the forefront of Europe’s emerging Business Wallet framework.

The round was led by the Spanish Society for Technological Transformation (SETT), with participation from energy major Repsol, Grupo Synaptia, Bolboreta Innova Group, Tritemius, Venturade, and Chromata Invest. The capital will fund the expansion of Sybol’s enterprise verification platform and the development of its corporate wallet built on decentralised identity principles.

Repsol-backed venture targets enterprise verification

Sybol emerged from an intrapreneurship initiative within Repsol Digital, the energy company’s digital transformation unit. Repsol retains a 15 per cent stake in the company and contributed its proprietary decentralised authentication technology to the venture, giving Sybol an unusual head start in enterprise adoption.

Led by CEO Raúl López, CTO Iñigo Garcia, and COO Alfredo Abad, the team has built a platform that enables organisations to issue, manage, and verify digital certificates using blockchain-based verifiable credentials. The technology replaces traditional document-based workflows with standardised, reusable credentials linked to verified identities of both issuers and recipients.

The platform is already operational at scale within Repsol’s own ecosystem. Repsol Electricidad y Gas currently uses Sybol’s technology to issue more than 2,500 verifiable credentials per month for 500 corporate clients, demonstrating the platform’s readiness for enterprise-grade deployment.

eIDAS2 creates a regulatory tailwind for digital identity

Sybol’s initial focus on sustainability-related certifications is strategically astute. As ESG reporting requirements tighten across Europe, the demand for verifiable, traceable certification data is growing rapidly. Automated validation of sustainability credentials addresses a genuine pain point for auditors, regulators, and corporate compliance teams.

The broader opportunity, however, lies in the eIDAS2 regulation itself. The European framework for electronic identification is establishing standards for both personal and organisational digital wallets, and companies that build compliant infrastructure early stand to capture significant market share as adoption accelerates across the bloc.

Spain has signalled its commitment to this digital identity infrastructure through SETT’s public investment in Sybol, reflecting a broader governmental push to position Spanish companies at the leading edge of European digital transformation. The combination of public backing, corporate parentage through Repsol, and alignment with incoming EU regulation gives Sybol a distinctive competitive position in what is expected to become a substantial market.

With the European Commission targeting full eIDAS2 implementation by 2027, Sybol’s focus on building enterprise-ready infrastructure now could prove well-timed as organisations across the continent prepare for the transition to verifiable digital credentials.

For more startup fundraising news and insights into Europe’s innovation ecosystem, explore our coverage of the latest funding rounds.

Summary