Swiss crypto neobank Sygnum lands $40m growth investment
Swiss crypto neobank Sygnum has raised around $40 million through an oversubscribed “strategic growth round” at a valuation of $900 million.
Sygnum bags $40m growth investment
The round was led by asset management group Azimut Holding with participation from new and existing investors, including some of Sygnum’s 250 team members, who acted as personal investors.
Sygnum says it will use its new capital, which follows the $90 million Series B funding it secured in January 2022, to expand into new markets and further develop its product suite.
The neobank is currently licenced in Switzerland and Singapore to provide digital asset banking, asset management, tokenisation and bank-to-bank (B2B) services to professional and institutional investors, banks, corporates and DLT foundations.
Also regulated in the UAE and Luxembourg, Sygnum claims $4 billion in assets under administration and a client base of over 1,700, including PostFinance, the financial arm of Switzerland’s postal service.
Speaking on the neobank’s latest round of funding, Gerald Goh, co-founder and CEO of Sygnum Singapore, says the capital injection 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”.
Mathias Imbach, co-founder and group CEO of Sygnum, adds that the neobank’s strategy to “build trust via regulation and good governance” has enabled it to weather the headwinds of “all market cycles”, including the so-called “crypto winter“.
While the current crypto winter has resulted in some players calling quits on their crypto activities all together, the US Securities and Exchange Commission’s (SEC) approval this month of spot Bitcoin exchange-traded funds (ETFs) is hoped to thaw the sector back into action, a renaissance through which Sygnum intends to ascend with its new growth investment.
