Swiss crypto bank Sygnum has successfully secured $40 million in a recent funding round, elevating its valuation to an impressive $900 million. Led by asset management group Azimut Holding, the round surpassed its initial $35 million target. This milestone propels the fintech firm closer to achieving “unicorn” status, denoting a valuation of $1 billion or more.
Sygnum Wraps Up 40 Million Dollars Funding Round, Valued at 900 Million Dollars
Mathias Imbach, Sygnum’s co-founder and CEO, expressed his excitement about closing the funding round amidst the current macroeconomic climate, emphasizing the strong partnerships forged and the investors’ trust in the company. Imbach underscored Sygnum’s steadfast commitment to fostering trust through regulatory compliance and sound governance practices, which have served as guiding principles throughout various market cycles.
The fintech intends to allocate the capital infusion towards expanding its presence in Europe and the Asia-Pacific region. While specific target markets were not disclosed due to regulatory constraints, Sygnum aims to bolster its array of regulated products, including its bank-to-bank platform catering to over 15 banks and financial institutions worldwide. Notably, Sygnum’s employees participated as personal investors in the fundraising round, further solidifying their vested interest in the company.
Established in 2018, Sygnum boasts a dedicated team of nearly 250 professionals. In addition to its Switzerland-based digital asset bank, the firm offers asset management services through its Singapore arm.