Sygnum raises more than US$40 million in latest funding round
Michelle Zhu
FINTECH startup Sygnum has raised more than US$40 million at the interim close of its latest funding round, exceeding its initial US$35 million target.
On Thursday (Jan 25), the digital asset banking company said its post-money valuation stood at US$900 million as at the interim close of the round, which was led by Milan-listed asset management group Azimut Holding.
It added that the company’s employees also participated as personal investors on the same terms as they did in prior fundraising rounds.
Employees continue to hold majority ownership of Sygnum, together with its co-founders, board members and management team.
Proceeds from the recent financing exercise will be used to expand Sygnum’s geographic reach into new markets, and accelerate the development of the company’s products, such as its bank-to-bank platform that serves more than 15 banks and financial institutions globally.
Co-founder and Singapore chief executive Gerald Goh said the fresh funds will allow Sygnum to further build out its suite of fully regulated solutions to support investors as they increase their exposure to digital assets.
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“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,” he noted.
Sygnum was founded in 2018 and counts Singtel among its backers.
The company has close to 250 team members. It runs a digital asset bank in Switzerland and offers asset management services in Singapore.
In October 2023, it obtained approval from the Monetary Authority of Singapore for a licence that allows it to offer digital token brokerage services. Beyond Switzerland and Singapore, the company is also licensed to operate in the United Arab Emirates and Luxembourg.
Its assets under administration stand at more than US$4 billion, with a client base exceeding 1,700 across at least 60 countries.
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