The digital asset banking group Sygnum, based in Singapore and Switzerland, said that it had raised over $40 million in its most recent funding round, dubbed the Strategic Growth Round, against an initial target of $35 million.
According to a statement from Sygnum, the company’s post-money valuation is $900 million as of the conclusion of this interim close.
Azimut Holding, a global asset management company, is reportedly the lead investor in the round, with additional new and current financial and strategic investors joining them.
Employees of Sygnum participated as personal investors in the Strategic Growth Round on the same terms as in previous fundraising rounds.
The majority ownership of Sygnumers, the company’s co-founders, board members, and management group remains intact.
The announcement states that the money raised from this financing round will be utilized to broaden Sygnum’s market penetration and quicken the development of its fully regulated products, like its bank-to-bank (B2B) platform, which currently powers the cryptocurrency offerings of more than 15 banks and financial institutions worldwide.
A collaboration between Sygnum and PostFinance, one of the biggest retail banks in Switzerland, was announced in April 2023 with the aim of providing millions of Swiss clients with access to a variety of bank-grade digital asset services.
Sygnum Singapore signed a contract in November 2023 with Bordier & Cie, a 174-year-old private bank, to expand their partnership, which had started in Geneva in 2021.
With over 1,700 clients from over 60 countries, Sygnum has amassed over $4 billion in assets under administration since its last successful Series B fundraising.
Through the “crypto winter,” the group continued to expand its global team, now approaching 250 members, to support the company’s growing client activity and operations.
The group has licenses to operate in Luxembourg and the United Arab Emirates in addition to Singapore and Switzerland.
“Our core thesis has always been that Future has Heritage, and our strategy to build trust via regulation and good governance has guided us throughout all market cycles,
“We look forward to continuing to empower everyone everywhere to own digital assets with complete trust,” said Mathias Imbach, Co-Founder and Group Chief Executive Officer of Sygnum.
Banks, corporations, professional and institutional investors, and DLT foundations can all invest in digital assets with total confidence thanks to Sygnum, a global digital asset banking group.
The team’s portfolio of regulated digital asset banking, asset management, tokenization, and B2B services, along with its institutional-grade security and skilled personal service, make this possible.
