Global digital asset banking group Sygnum has raised more than US$40 million ($53.54 million) in an interim close of its latest funding round, aimed to fund its expansion into new markets and development of B2B products.
This brings the company’s post-money valuation to US$900 million. The lead investor for the round is global asset management group Azimut Holding, with participation from new and existing investors. Sygnum employees have also participated as personal investors, as they had done in previous fundraising rounds.
Sygnum, which is licenced in Singapore, Switzerland, Luxembourg and the United Arab Emirates, says that it has grown its assets under administration to over US$4 billion with 1,700 clients from more than 60 countries, since its series B fundraise.
It powers crypto offerings to over 15 banks and financial institutions globally. Most recently, Sygnum Singapore partnered with 174-year-old private bank Bordier & Cie’s Singapore arm, to allow high net worth investors access to invest in digital assets.
Gerald Goh, co-founder and CEO of Sygnum Singapore says: “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.
