Zurich-based crypto banking startup Sygnum AG has raised 35 million Swiss francs (equivalent to $41 million) to fuel its expansion and acquisition strategies.
The fresh funding round, led by asset manager Azimut Holding, values the company at about 725 million Swiss francs, the same valuation set in a previous round in January 2022. Gerald Goh, the co-founder and CEO of Sygnum Singapore, said in an interview that his company holds assets exceeding $4 billion, and boasts a client base of over 1,700 from more than 60 countries.
Per the official statement, the new money will be used to cement Sygnum’s presence in new markets across Europe and Asia, particularly its bank-to-bank digital asset services.
“Closing a successful funding round in this macro environment with such strong partners is exciting, and we are thankful for our investors’ trust in us. Our strategy to build trust via regulation and good governance has guided us throughout all market cycles,” said Mathias Imbach, Sygnum’s co-founder and CEO.
Established in 2017, Sygnum operates under a banking license in Switzerland and holds capital market services and major payment institution licenses in Singapore. The company had previously closed a $90 million funding round in January 2022, which valued the firm at $800 million.
Sygnum was one of the first two Swiss crypto companies to be granted a banking license by the Swiss Financial Market Supervisory Authority (FINMA). This license enables the company to engage in various activities related to digital assets, including issuance, storage, trading, and management of cryptocurrencies. Additionally, Sygnum can offer a range of digital currency-related services under the regulatory framework provided by the banking license.
Expanding beyond Switzerland, Sygnum established its presence in Singapore and obtained a capital markets license. In 2019, the company formed its local subsidiary, Sygnum Singapore, to operate in the local market. Sygnum Bank has also secured operating licenses in Abu Dhabi and Luxembourg.
“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,” explains Gerald Goh, the firm’s co-founder and CEO of its Singapore operations.
