Lombard Systems raises US$4m to support DvL adoption
10 November 2026 UAE, US
Image: Yeti_Studio/stock.adobe.com
Lombard Systems, creator and maintainer of the Delivery-versus-Lock (DvL) standard, has raised US$4 million across pre-seed and seed funding rounds.
The funding round was led by Ethereal Ventures, with participation from Alps Capital, First Commit Capital, Veris Ventures, Atka, and other investors.
According to the firm, the capital will support institutional adoption of DvL, including the completion of legal opinions in the US, England, Wales, and five additional jurisdictions.
The funding will also be used to support adoption by additional Control Locations, expand institutional integrations, and grow the Lombard Systems team.
The announcement comes as tokenisation activity continues to accelerate across financial markets, while collateralised financing infrastructure has remained largely unchanged.
Lombard Systems says traditional financing arrangements typically require borrowers to transfer collateral to lenders or third-party agents, often involving bespoke documentation and lengthy enforcement processes in the event of a default.
The firm points to growing adoption of tokenised securities, citing the launch of the Depository Trust Company's tokenisation service in October 2026; recent conditional relief granted by the US Securities and Exchange Commission for venues trading tokenised US equities; and the issuance of natively tokenised shares and funds by transfer agents.
Lombard Systems developed DvL as a technical and legal standard designed to enable institutions to use tokenised and digital assets as collateral without transferring them from existing securities accounts.
Under the framework, assets remain locked in the owner's name at a custodian, broker-dealer, or transfer agent, while lenders receive a legally enforceable security interest evidenced by a cryptographically-signed credit receipt.
The borrower retains beneficial ownership of the assets throughout the transaction, with only the amount owed delivered to the lender following a validated default under pre-agreed enforcement terms, the firm says.
Rico van der Veen, co-founder and CEO of Lombard Systems, states: “Tokenised stocks and funds are scaling now.
“Origination and enforcement of loans against tokenised collateral have to be as fast as the assets can move, while staying grounded in existing securities law.
“DvL keeps assets in their existing securities accounts and gives lenders enforceable rights, with enforcement agreed upfront. That is what turns tokenised assets into usable collateral.
Eeshaan Sachatheva, co-chief information officer at Ethereal Ventures, comments: “Tokenisation is creating real opportunities for financial institutions in trading and settlement, with significant potential to extend those benefits into financing.
“Lombard Systems is building a critical piece of that infrastructure with DvL, a standardised framework for financing tokenised assets.”
The funding round was led by Ethereal Ventures, with participation from Alps Capital, First Commit Capital, Veris Ventures, Atka, and other investors.
According to the firm, the capital will support institutional adoption of DvL, including the completion of legal opinions in the US, England, Wales, and five additional jurisdictions.
The funding will also be used to support adoption by additional Control Locations, expand institutional integrations, and grow the Lombard Systems team.
The announcement comes as tokenisation activity continues to accelerate across financial markets, while collateralised financing infrastructure has remained largely unchanged.
Lombard Systems says traditional financing arrangements typically require borrowers to transfer collateral to lenders or third-party agents, often involving bespoke documentation and lengthy enforcement processes in the event of a default.
The firm points to growing adoption of tokenised securities, citing the launch of the Depository Trust Company's tokenisation service in October 2026; recent conditional relief granted by the US Securities and Exchange Commission for venues trading tokenised US equities; and the issuance of natively tokenised shares and funds by transfer agents.
Lombard Systems developed DvL as a technical and legal standard designed to enable institutions to use tokenised and digital assets as collateral without transferring them from existing securities accounts.
Under the framework, assets remain locked in the owner's name at a custodian, broker-dealer, or transfer agent, while lenders receive a legally enforceable security interest evidenced by a cryptographically-signed credit receipt.
The borrower retains beneficial ownership of the assets throughout the transaction, with only the amount owed delivered to the lender following a validated default under pre-agreed enforcement terms, the firm says.
Rico van der Veen, co-founder and CEO of Lombard Systems, states: “Tokenised stocks and funds are scaling now.
“Origination and enforcement of loans against tokenised collateral have to be as fast as the assets can move, while staying grounded in existing securities law.
“DvL keeps assets in their existing securities accounts and gives lenders enforceable rights, with enforcement agreed upfront. That is what turns tokenised assets into usable collateral.
Eeshaan Sachatheva, co-chief information officer at Ethereal Ventures, comments: “Tokenisation is creating real opportunities for financial institutions in trading and settlement, with significant potential to extend those benefits into financing.
“Lombard Systems is building a critical piece of that infrastructure with DvL, a standardised framework for financing tokenised assets.”
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