Global digital asset banking group, Sygnum, has secured over $40m in what is termed the Strategic Growth Round.
This notable fundraise not only exceeded the initial target of approximately $35m but also elevated Sygnum’s post-money valuation to a robust $900m.
The Strategic Growth Round, which was notably oversubscribed, witnessed the lead investment from the global asset management powerhouse, Azimut Holding.
This round of financing also saw the participation of a diverse mix of new and existing strategic and financial investors, reinforcing Sygnum’s esteemed position in the market. Remarkably, the company’s employees, including co-founders, board members, and the management team, showcased their commitment by contributing as personal investors, further consolidating majority ownership within the company.
Sygnum, at its core, is dedicated to reshaping the landscape of the digital asset industry. The company boasts an expansive suite of regulated products and services, crafted to cater to the burgeoning demands of the market.
This recent injection of funds is earmarked for strategic deployment, primarily aimed at broadening Sygnum’s geographical footprint and accelerating the enhancement of its fully regulated offerings. Noteworthy among these is Sygnum’s B2B platform, a revolutionary service that now empowers the digital asset offerings of over 15 banks and financial institutions globally.
Recent collaborations, such as the partnership with PostFinance and the strengthening of ties with Bordier & Cie’s Singapore branch, underscore Sygnum’s commitment to delivering bank-grade digital asset services to a wide-reaching customer base.
Azimut Holding CEO, Giorgio Medda, expressed his enthusiasm, stating: “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 digital assets look set to surge in 2024.” He lauded the partnership’s inception in 2021 and Sygnum’s innovative edge, affirming Azimut’s commitment to fostering technological evolution in the investment industry.
Sygnum’s Co-Founder and Group CEO, Mathias Imbach, reflected on the fundraising success, acknowledging,”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.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
