Zurich, Switzerland – In a significant boost to its growth strategy, Swiss crypto bank Sygnum AG has announced a successful capital raise of over $40 million, marking a confident stride forward in the digital asset sector.
Strategic Growth Funding
Sygnum AG, with a strong presence in the crypto-friendly landscape of Switzerland, has exceeded its funding target by securing $41 million in what it terms the Strategic Growth Round. Initially setting a goal of $35 million, the bank’s latest financial backing has propelled its valuation to an impressive $900 million.
Investment Leadership and Participation
The funding round was led by Azimut Holding, a renowned asset management group with a global outreach. Sygnum has revealed that the investment saw participation from new investors, while maintaining that the majority stake remains with the employees, co-founders, board members, and management team.
Future Prospects and Expansion Plans
The fresh capital is earmarked for strategic acquisitions and furthering Sygnum’s service reach into new markets. Additionally, the bank is set to enhance its suite of regulated products and services, tapping into the burgeoning digital asset industry’s potential.
Impressive Growth Trajectory
Since its inception in 2018, Sygnum has experienced remarkable growth, with assets under administration now exceeding $4 billion. The bank prides itself on a diverse international client base, spanning over 60 countries with more than 1,700 clients, supported by a dedicated team of nearly 250 professionals.
Global Footprint and Future Ambitions
Currently offering services across Switzerland, Singapore, and with operational licenses in the UAE and Luxembourg, Sygnum is not resting on its laurels. The CEO of Sygnum Singapore, Gerald Goh, shared aspirations for 2024, eyeing expansion into another European and Asian jurisdiction.
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