Obligate
Obligate AG operates a Swiss-regulated digital securities platform for tokenized bonds, commercial paper, and structured debt, serving corporate issuers, institutional investors, and distribution partners under the Swiss DLT Act.
- Company typePrivate
- Founded2023
- HeadquartersZürich, Switzerland
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Obligate does
Obligate AG is a Swiss-regulated digital securities infrastructure provider headquartered in Zurich that enables companies to issue on-chain bonds, commercial paper, and structured debt instruments to institutional and qualified investors under the Swiss DLT Act (art. 973d et seq. Swiss Code of Obligations). Its proprietary AssetOS™ platform powers eNote™ — a ledger-based security tokenized as an ERC20 on Polygon and Ethereum — and eTracker™, an evergreen structured product that aggregates multiple eNotes into a revolving yield vehicle. The platform automates the full bond lifecycle (structuring, issuance, coupon, principal, maturity) via CMTAT-compliant smart contracts audited by Sec3, and integrates institutional-grade wallet infrastructure (Fireblocks, Dfns), KYC/AML (Sumsub), credit rating (Credora, Particula), and collateral/security-agent services (Apex Group).
Obligate serves three customer segments: corporate borrowers and issuers (Keyrock, Bitcoin Suisse, Mikro Kapital, TradeFlow, LynxCap, XBTO/BermudAir, Margarita Finance), institutional and qualified investors (family offices, crypto funds, RWA asset managers), and distribution partners (Archax on its FCA-regulated venue, Assetera, Investax, Republic). Multi-channel GTM combines a self-serve marketplace (app.obligate.com), enterprise field sales, and channel/white-label distribution. As of late 2025, the company reported cumulative issuance volume exceeding $400M across 200+ deals spanning 5+ issuer jurisdictions.
The revenue model is transaction-based with three primary fee streams: annualized issuance fees to borrowers on a sliding scale (35-75 b.p. depending on size, plus a 30 b.p. collateral fee on secured issuances), quarterly investor management fees on a sliding scale (10-50 b.p.), and a 15 b.p. Act/360 Credora rating fee. Pricing declines on a 5-year ramp to incentivize repeat issuance. The company reported profitability following its $3M Oct 2025 funding round led by Exponential Science Capital, with prior capital including a 2023 $4M seed extension (Circle Ventures, Exponential Science Capital, total seed >$8.5M) and 2021 $4.7M early-stage backing from Earlybird and SIX FinTech Ventures. Total disclosed funding approaches $13.7M+.
Obligate firmographics
Firmographics- Name
- Obligate
- Legal name
- Obligate AG
- Website
- https://obligate.com
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Obligate AG operates a Swiss-regulated digital securities platform for tokenized bonds, commercial paper, and structured debt, serving corporate issuers, institutional investors, and distribution partners under the Swiss DLT Act.
- Ownership category
- akta.pro rank
Obligate industry classification
Industry- Product category
- Digital Securities Infrastructure
- NAICS
- Investment Banking and Securities Intermediation (523150), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Asset-Backed Securities (6189), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Tokenized Debt, Notes & On-Chain Credit Instruments (FSADAFAM)
- akta.pro secondary industries
- Tokenized Collateral & On-Chain Credit Infrastructure (Collateral Mgmt, Liquidations) (FSAGAMAK), Decentralized Lending Protocols (DeFi Money Markets) (FSADAFAB)
Keywords
Where Obligate is headquartered
LocationHeadquarters
- HQ city
- Zürich
- HQ country
- Switzerland
- HQ region
- Europe
Offices3 records
Markets served
Obligate business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Issuance Fees (Borrowers): Fees charged to issuers based on issuance volume. Structured on sliding scale with rates decreasing as volume increases. Rate is annualized. For bonds: ranges from 75 b.p. (0-25M) down to 35 b.p. (100M+), with minimum fee of 7,500 USDC/EUROe. Collateral fee additional at 30 b.p. For structured products: absolute fees (not annualized) ranging from 10-55 b.p. depending on size and term.
- Investor Management Fees: Fees charged to investors for eNote holdings. Sliding scale from 50 b.p. (0-25M) down to 10 b.p. (100M+), with minimum fee of 50 USDC/EUROe. Accrues upon successful delivery of eNotes, invoiced quarterly.
- Credora Credit Rating Fees: 15 b.p. on Act/360 annualized basis charged to borrowers who utilize Credora's rating service for credit information provided to the marketplace.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Annual | Bond Issuance Fee - Sliding scale based on issuance size (0-25M to 100M+), decreasing rate from 75 b.p. to 35 b.p. over 5 years |
| Transaction based/ take rate | Quarterly | Investor Management Fee - Sliding scale from 50 b.p. to 10 b.p. based on issuance size |
| Transaction based/ take rate | Pay-as-you-go | Structured Products - Absolute fees (non-annualized) based on issuance size and term |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels7 records
Obligate product offering
Product offeringCore offering
Obligate operates a regulated digital securities infrastructure platform (AssetOS) that enables corporates and financial institutions to issue, distribute, and manage on-chain financial instruments such as tokenized bonds (eNotes) and structured products (eTrackers). The platform connects issuers with qualified investors and supports the full lifecycle from issuance through secondary trading.
Product overview
Obligate is a digital securities infrastructure provider offering a unified platform for tokenizing and investing in debt capital markets. The core product portfolio centers on the Obligate Platform, which encompasses two main instrument types: eNote (individual tokenized bonds issued as ledger-based securities under Swiss DLT law) and eTracker (evergreen structured products bundling multiple eNotes). Supporting infrastructure includes AssetOS technology platform with smart contract automation and multi-blockchain support (Polygon and Ethereum). The service offerings include Yield Products for investors seeking regulated on-chain private credit, Tokenization Solutions for issuers structuring digital securities, and Capital Markets-as-a-Service (CMaaS) for professional users. Flagship structured products include BTC Yield, RWA Yield, and Crypto Yield strategies with varying APY and liquidity profiles.
Differentiator
Problem solved
Functional benefit
Products and services
- AssetOS Proprietary blockchain-based platform that enables corporates and financial institutions to issue, distribute, and manage tokenized debt instruments and structured products, with built-in compliance, KYC/AML, and investor whitelisting.
- eNotes Tokenized bonds issued on-chain via the AssetOS platform, enabling corporates to raise capital from qualified investors through regulated, programmable debt instruments.
- eTrackers Structured products issued on-chain, allowing issuers to create customized exposure instruments distributed through the AssetOS infrastructure.
Quantifiable outcome
- 80% reduction in issuance costs
- +3 more outcomes
Companies that use Obligate
Customer profileNamed customers10 records
Segments3 records
Ideal customer profiles2 records
Obligate technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration13 records
Feature5 records
Obligate partnerships and signals
Strategic signalPartnerships
20 partnerships are on record, tiered core and flagship.
- DfnscoreIntegrating Dfns as the wallet infrastructure powering Obligate's on-chain capital markets platform, covering issuer, investor, and treasury wallets across the full debt issuance lifecycle. Provides programmable, institutional-grade wallet layer with multi-chain coverage, policy-based governance, and security posture.
- ParticulacorePartnership to integrate independent risk ratings directly into Obligate's on-chain bond issuance platform, bringing institutional-grade transparency and trust to tokenized debt capital markets.
- SygnumcoreSwiss-regulated digital asset bank that distributed Keyrock's tokenized corporate bond offering through Obligate's blockchain-based bond platform. Enables institutional financing on-chain.
- FireblockscoreStrategic collaboration to bring secure, institutional-grade infrastructure to on-chain capital markets. Integration combines native tokenized debt issuance with advanced MPC security and governance, enabling institutions to access real-world assets on-chain with confidence.
- AllUnityflagshipPartnership to integrate EURAU regulated Euro stablecoin for tokenized securities settlement, bridging Euro liquidity with on-chain capital markets. Eliminates legacy settlement friction with Swiss-regulated gateway.
- Huma FinanceflagshipPartnership to expand compliant access to on-chain trade finance liquidity, connecting stablecoin capital with real-world, asset-backed yield. Establishes value chain for institutional-grade trade finance products on-chain.
- OpenTradeflagshipOpenTrade launched its first private credit investments vault backed by Obligate's offering, expanding institutional-grade yield opportunities on their leading digital asset trading platform.
- AsseteracoreRegulated platform partner for distribution of tokenized securities to institutional investors across multiple jurisdictions.
- CicadacorePartnership to expand institutional access to blockchain-based private credit solutions.
- RaylscoreStrategic activity announced for blockchain interoperability and private credit solutions.
- ArchaxcoreFCA-regulated venue listing Obligate-issued digital debt, unlocking new institutional investment opportunities.
- CredoracoreCredit rating integration providing real-time risk metrics in zero-knowledge environment. Credit information helps issuers increase trust with investors.
- Apex GroupcoreSecurity agent providing collateral services for secured bond issuances on the platform.
- SumsubcoreKYC/KYB provider for investor and borrower verification on the platform.
- Sec3coreSmart contract security audit firm that audited Obligate's smart contracts per CMTA Token standard.
- RepubliccoreCrowdfunding platform used for capital raise campaigns, enabling retail investor participation.
- Tokenized Asset CoalitioncoreObligate is a member of the Tokenized Asset Coalition, driving blockchain adoption in RWA tokenization.
- KeyrockflagshipBrussels-based crypto investment firm that issued first tokenized corporate bond on Ethereum via Sygnum and Obligate. Operates in 37 countries.
- TradeFlowflagshipIssued senior bond eNotes on Obligate platform with fund transactions backed by liquid commodities. Key use case for trade finance tokenization.
- XBTOflagshipLed $3 million revenue-share note for BermudAir via Obligate. Structured and distributed first institutional-grade native tokenized European real estate credit strategy.
Scale indicators7 records
Recent moves7 records
Expansion highlights7 records
Obligate competitors and assessment
Company assessmentMarket position
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Obligate social profiles
Digital presenceObligate compliance and trust
Trust signalCompliance3 records
Obligate financial estimates
Financial estimateRevenue estimate
Valuation estimate
Obligate leadership team
Management profileNumber of profiles
Profiles1 record
Obligate subsidiaries and ownership
Company hierarchySubsidiaries1 record
Obligate funding detail
Funding detailFunding overview
Funding rounds6 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Obligate M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Obligate
What does Obligate do?
Obligate operates a regulated digital securities infrastructure platform (AssetOS) that enables corporates and financial institutions to issue, distribute, and manage on-chain financial instruments such as tokenized bonds (eNotes) and structured products (eTrackers). The platform connects issuers with qualified investors and supports the full lifecycle from issuance through secondary trading.
Is Obligate a public or private company?
Obligate is a private company. It is classified as venture growth investor backed and is currently operating.
When was Obligate founded?
Obligate was founded in 2023. It employs 11 to 50 people.
Where is Obligate based?
Obligate is headquartered in Zürich, Switzerland, in the Europe region.
How does Obligate make money?
Three revenue lines are on record. Issuance Fees (Borrowers) is the primary driver. The others are investor Management Fees and credora Credit Rating Fees.
Does Obligate have an API?
No public API is recorded for Obligate.
What industry is Obligate in?
Obligate's product category is Digital Securities Infrastructure. Its primary akta.pro industry code is FSADAFAM, Tokenized Debt, Notes & On-Chain Credit Instruments, with a secondary code of FSAGAMAK, Tokenized Collateral & On-Chain Credit Infrastructure (Collateral Mgmt, Liquidations). Its NAICS code is 523150 and its SIC code is 6189.