Swiss cryptocurrency bank Sygnum AG has successfully raised over $40 million in a funding round, spearheaded by asset manager Azimut Holding. The Zurich-based crypto-friendly bank, Sygnum AG, is now poised to intensify its acquisition initiatives and broaden its services, with the latest funding round attributing a valuation of approximately $900 million to the institution. Disclosed in a blog post on January 25, the bank exceeded its initial goal by securing $41 million in an interim close for its Strategic Growth Round.
Although the full list of contributors remains undisclosed, Sygnum emphasized the involvement of new investors and the leadership of Azimut Holding, a global asset management group, in the latest funding. The blog post highlighted that existing stakeholders, including Sygnum employees, co-founders, board members, and the management team, maintain majority ownership of the company.
The raised capital is earmarked to facilitate Sygnum’s expansion into new markets and enhance its array of regulated products and services. The objective is to capitalize on the positive trends within the digital asset industry. Since its establishment in 2018, Sygnum has seen its assets under administration exceed $4 billion, serving a clientele of over 1,700 from more than 60 countries, and employing nearly 250 individuals.
The bank, operating in Switzerland and Singapore, holds licenses to conduct business in the UAE and Luxembourg. In an interview with Bloomberg, Sygnum Singapore CEO Gerald Goh revealed the bank’s plans to enter one additional European jurisdiction and one more Asian jurisdiction in 2024.