Sygnum Bank Surpasses $40 Million in Strategic Funding Round

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Sygnum Bank has outperformed its funding expectations in a strategic growth round. The company’s focus now shifts to global expansion and further development of its regulated digital asset products.

Sygnum Surges Past Funding Goals, Reaching $900 Million Valuation in Latest Round

Digital asset bank Sygnum has announced the successful interim close of its strategic growth round, raising over $40 million. This exceeds the initial target of around $35 million, and the company claims it elevates the company’s post-money valuation to $900 million.

The round, which was oversubscribed, was led by Azimut Holding, a global asset management group. Giorgio Medda, CEO of Azimut Holding, expressed excitement about leading the funding saying, “the demand for well-regulated, institutionalised services in crypto looks set to surge in 2024.“

Sygnum’s Co-Founder and Group CEO, Mathias Imbach, reflected that, “[c]losing a successful funding round in this macro environment with such strong partners is exciting, and we are thankful for our investors’ trust in us.”

The funds raised will be strategically utilized to expand Sygnum’s geographic footprint into new markets and to accelerate the development of its fully regulated products, including its B2B platform. This platform currently powers the crypto offerings of over 15 banks and financial institutions globally.

Notably, in the past year, Sygnum has announced partnerships, including with Postfinance, one of Switzerland’s largest retail banks, and an expanded collaboration with Bordier & Cie’s Singapore arm.

Building on its Series B fundraise success in January 2022, which secured $90 million, Sygnum has continued to grow its assets under administration to over $4 billion. The company, which holds licenses to operate in Switzerland, Singapore, the UAE, and Luxembourg, is looking to expand, including entering a market in Europe and another in the Asia-Pacific region, though details remain undisclosed due to regulatory obligations.

Do you think this oversubscribed funding round indicates an increase in appetite by traditional finance? Share your thoughts and opinions about this subject in the comments section below.