DMR News

Advancing Digital Conversations

Sygnum, a cryptocurrency-focused bank, secures more than $40 million in funding as part of its expansion plans in the market.

ByYasmeeta Oon

Feb 9, 2024

Sygnum, a cryptocurrency-focused bank, secures more than $40 million in funding as part of its expansion plans in the market.

Singapore, February 6, 2024Sygnum, the global digital asset banking group, has successfully raised over US$40 million in a recent funding round aimed at fueling its growth and enhancing business-to-business (B2B) product development. The funding, led by Azimut Holding, a renowned global asset management group, and with enthusiastic participation from both new and existing investors, has catapulted Sygnum’s post-money valuation to an impressive US$900 million. This capital injection will enable Sygnum to expand into new markets and advance its suite of B2B offerings.

Sygnum’s Impressive Fundraising Efforts

Image by Sygnum Bank

Sygnum’s latest funding round, which has raised over US$40 million, marks another milestone in the company’s journey towards becoming a global leader in digital asset banking. With a post-money valuation of US$900 million, Sygnum has positioned itself as a formidable player in the industry. Notably, Sygnum employees have also joined as personal investors, reflecting their unwavering confidence in the company’s potential.

The infusion of capital from the funding round will be instrumental in Sygnum’s plans to expand into new markets. This strategic move aligns with the company’s vision of becoming a dominant player in the global digital asset banking sector. By entering new markets, Sygnum aims to tap into emerging opportunities and provide its innovative B2B solutions to a wider audience.

Sygnum’s Key Financial Hubs

Sygnum holds licenses in key financial hubs around the world, including Singapore, Switzerland, Luxembourg, and the United Arab Emirates. These licenses position Sygnum as a trusted and regulated financial institution, allowing it to operate seamlessly in these critical markets. The company’s presence in these hubs has contributed to its impressive growth.

A Growing Global Clientele

Sygnum takes pride in its diverse clientele, which comprises 1,700 clients spanning across more than 60 countries. This remarkable growth in clientele has been achieved since its series B fundraising. Sygnum’s ability to attract clients from diverse geographic locations underscores its global appeal and reputation.

As a driving force behind crypto offerings, Sygnum has established partnerships with over 15 banks and financial institutions worldwide. These collaborations have allowed Sygnum to broaden its reach and offer innovative digital asset solutions to a wider range of clients. The company’s ability to form strategic partnerships has been a key driver of its success.

Sygnum’s Collaboration with Bordier & Cie

In its most recent collaboration, Sygnum Singapore joined forces with the 174-year-old private bank Bordier & Cie’s Singapore arm. This collaboration is poised to open up new avenues for high net worth investors, providing them with exciting opportunities to invest in digital assets. Sygnum’s ability to partner with established institutions like Bordier & Cie showcases its credibility in the financial industry.

Gerald Goh, the co-founder and CEO of Sygnum Singapore, is optimistic about the evolving landscape of the crypto industry. He states, “This fundraising round is testament to Sygnum’s strong and unique position as a leading regulated financial institution in the global digital asset industry. 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. For Sygnum, this fundraise will allow us to further build out our suite of fully regulated solutions to support investors as they increase their exposure to the asset class.”

Sygnum’s Funding Round Details

Funding Round Details
Total Amount RaisedOver US$40 million
Post-Money ValuationUS$900 million
Lead InvestorAzimut Holding
Number of InvestorsNew and Existing
Sygnum Employee InvestorsEnthusiastic Participation
Licenses in Financial HubsSingapore, Switzerland, Luxembourg, UAE
Clients1,700 clients in 60+ countries
PartnershipsOver 15 Banks and Financial Institutions
Collaboration with Bordier & CieExpanding Opportunities for High Net Worth Investors

In conclusion, Sygnum’s successful fundraising efforts and its strategic vision for expansion have positioned the company as a prominent player in the global digital asset banking industry. With a strong presence in key financial hubs, a growing clientele, and strategic partnerships, Sygnum is well-equipped to navigate the evolving crypto landscape and continue providing innovative solutions to its clients. CEO Gerald Goh’s optimism reflects the broader industry’s resurgence, and Sygnum’s commitment to regulatory compliance ensures its position as a trusted financial institution in the digital asset space. As Sygnum sets its sights on new markets and offerings, the company’s journey in the world of digital assets promises to be both exciting and transformative.

Featured Image courtesy of DALL-E by ChatGPT

Yasmeeta Oon

Just a girl trying to break into the world of journalism, constantly on the hunt for the next big story to share.