Sygnum AG Raises $40 Million in Funding Round Led by Azimut Holding
Switzerland-based crypto bank Sygnum AG has secured over $40 million in a funding round led by asset manager Azimut Holding. The latest funding round, named the Strategic Growth Round, valued the bank at approximately $900 million. The bank initially aimed to raise $35 million but exceeded that target with a total of $41 million raised.
Expansion and Acquisition Plans
Sygnum AG plans to use the proceeds to expand its services into new markets and enhance its range of regulated products and services. The bank aims to take advantage of the positive developments in the digital asset industry. Sygnum, founded in 2018, currently manages assets worth more than $4 billion for over 1,700 clients from 60 countries. The bank operates in Switzerland, Singapore, and holds licenses to operate in the UAE and Luxembourg.
Future Market Entry
In an interview with Bloomberg, Sygnum Singapore CEO Gerald Goh revealed that the bank intends to enter one more European jurisdiction and one more Asian jurisdiction by 2024. This expansion plan aligns with the bank’s goal of further growth and market presence.
Hot Take: Sygnum AG Secures Funding for Expansion and Acquisition Plans
Switzerland-based crypto bank Sygnum AG has successfully raised over $40 million in a funding round led by Azimut Holding. The funds will be used to expand the bank’s services into new markets and develop its suite of regulated products and services. With assets under administration exceeding $4 billion and a client base spanning over 60 countries, Sygnum is well-positioned for growth in the digital asset industry. By targeting additional European and Asian jurisdictions, the bank aims to solidify its presence in key markets and capitalize on the positive market developments in the crypto space.
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