Crypto Bank Sygnum raises over US$40 million in funding round for market expansion

SINGAPORE: To fuel its growth and enhance B2B product development, global digital asset banking group Sygnum has raised over US$40 million in funding round for market expansion.

The company, now valued at an US$900 million post-money, aims to utilize the funds for expanding into new markets and advancing its suite of business-to-business (B2B) offerings, The Edge Singapore reports.

The lead investor in this funding round is the renowned global asset management group Azimut Holding, accompanied by enthusiastic participation from both new and existing investors.

Notably, Sygnum employees have also joined the ranks as personal investors, echoing their involvement in previous successful fundraising efforts.

Sygnum, holding licenses in key financial hubs including Singapore, Switzerland, Luxembourg, and the United Arab Emirates, has reported a substantial increase in its assets under administration, reaching US$4 billion.

The company boasts a diverse clientele, with 1,700 clients spanning across more than 60 countries, a growth achieved since its series B fundraising.

Operating as a driving force behind crypto offerings, Sygnum has established partnerships with over 15 banks and financial institutions worldwide.

In its most recent collaboration, Sygnum Singapore joined forces with the 174-year-old private bank Bordier & Cie’s Singapore arm. This collaboration aims to open up avenues for high net worth investors, providing them with opportunities to invest in digital assets.

Gerald Goh, the co-founder and CEO of Sygnum Singapore, expressed optimism about the evolving landscape of the crypto industry, stating, “This fundraising round is testament of Sygnum’s strong and unique position as a leading regulated financial institution in the global digital asset industry.

“The broader industry is emerging from the ‘crypto winter’ and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions. For Sygnum, this fundraise will allow us to further build out our suite of fully regulated solutions to support investors as they increase their exposure to the asset class.”

/TISG

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