Sygnum Bank Exceeds Funding Goals in Growth Round
Sygnum Bank, a digital asset bank, has successfully closed its strategic growth round, raising over $40 million. This surpasses its initial target of $35 million, resulting in a post-money valuation of $900 million.
Round Led by Azimut Holding
Azimut Holding, a global asset management group, led the oversubscribed funding round. CEO Giorgio Medda predicts a surge in demand for well-regulated, institutionalized crypto services in 2024.
Funds Will Drive Global Expansion and Product Development
The raised funds will be used to expand Sygnum’s presence in new markets and accelerate the development of its fully regulated products, including its B2B platform. Currently, the platform powers the crypto offerings of more than 15 banks and financial institutions worldwide.
Strategic Partnerships and Growth
Sygnum has recently formed partnerships with Postfinance and Bordier & Cie’s Singapore arm. Additionally, the company’s assets under administration have grown to over $4 billion since its Series B fundraise, which secured $90 million in January 2022.
Hot Take: Sygnum Poised for Global Expansion with Successful Funding
Sygnum Bank has exceeded its funding goals, reaching a valuation of $900 million in its latest growth round. With the funds raised, the company plans to expand its presence in new markets and continue developing its regulated digital asset products. This success comes after strategic partnerships and significant growth in assets under administration. Sygnum is well-positioned for global expansion and aims to meet the rising demand for well-regulated crypto services.
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