Global digital asset banking group Sygnum has reported an interim close of its Strategic Growth Round, successfully raising over US$40 million, surpassing its initial target of around US$35 million. This funding has elevated the Sygnum post-money valuation to US$900 million.
The Strategic Growth Round aims to fund Sygnum’s expansion into new markets and the enhancement of its regulated products and services, aligning with the growing trends in the digital asset industry. The funding round, having exceeded its original target, was led by Azimut Holding, a global asset management group.
Sygnum‘s latest fundraising efforts were driven by its solid financial performance and expanding regulatory footprint, especially notable during the recent ‘crypto winter’. The company finished the previous year with a significant annualised revenue and achieved a positive cash flow in the last quarter of the year.
The funding round saw investments from both new and existing strategic and financial investors, including Sygnum employees who participated on the same terms as external investors. The majority ownership of the company continues to be held by its employees, co-founders, board members, and management team.
The raised capital is intended to support Sygnum’s growth plans, including the expansion of its B2B platform and other regulated product offerings. Sygnum has recently formed partnerships with institutions such as Bordier & Cie in Singapore and PostFinance in Switzerland, reflecting its expanding global presence.
Sygnum has experienced substantial growth in its assets under administration, reaching over US$4 billion, with a diverse client base from over 60 countries. The company has maintained its momentum in expanding its global team, nearing 250 members, and holds operational licenses in Switzerland, Singapore, the UAE, and Luxembourg.
Giorgio Medda, CEO of Azimut Holding, expressed his enthusiasm for leading the funding round.
“We are pleased to have led Sygnum’s Strategic Growth Round fundraising at this topical moment when the demand for well-regulated, institutionalised services in crypto looks set to surge in 2024. Sygnum has been a key partner since 2021, and we have appreciated the team’s expertise and high degree of innovation.”
Mathias Imbach, Co-Founder and Group CEO of Sygnum, shared his perspective.
“Closing a successful funding round in this macro environment with such strong partners is exciting, and we are thankful for our investors’ trust in us. 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,”
he said.
