Sygnum, a leading crypto banking group headquartered in Switzerland, has successfully closed a $40 million funding round, propelling its valuation to $900 million. The funding round was spearheaded by investment manager Azimut Holdings.
The proceeds from this round will be strategically allocated to fuel Sygnum’s expansion into new markets across Europe and Asia, catering to the growing demand for regulated and secure crypto banking services.
Mathias Imbach, Sygnum’s co-founder and CEO, expressed his gratitude for the unwavering trust placed in the company by its investors, particularly in the face of challenging macroeconomic conditions. He emphasized that Sygnum’s unwavering focus on building trust through regulation and sound governance has served as a guiding principle throughout various market cycles.
Gerald Goh, Sygnum’s co-founder and CEO of its Singapore office, said:
“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.”
In January 2022, the company was valued at $800 million after closing a $90 million funding round. Since then, the bank’s assets under management have witnessed a substantial surge, reaching $4 billion, with a diverse client base of 1,700 individuals and institutions from over 60 countries.