Swiss Crypto Bank Sygnum Nears ‘Unicorn’ Status with $40 Million Funding
Sygnum's recent funding round boosts its valuation to $900 million, marking a significant step towards achieving unicorn status in the crypto banking sector.
Swiss-based crypto banking group Sygnum has successfully closed a $40 million funding round, boosting its valuation to nearly $900 million and inching closer to achieving the prestigious ‘unicorn’ status in the fintech world. This significant financial milestone was led by investment manager Azimut Holdings, which helped Sygnum surpass its initial funding target of $35 million, demonstrating a robust vote of confidence from investors amidst a challenging economic landscape.
Sygnum plans to utilize this infusion of capital to expand its innovative service offerings and extend its operational footprint into new strategic markets within Europe and Asia. This expansion strategy is underpinned by Sygnum’s steadfast commitment to regulatory compliance and governance standards, which have been instrumental in establishing trust with clients and investors through various market cycles.
Since its last capital raise in January 2022, which brought in $90 million and valued the company at $800 million, Sygnum’s assets under management have swelled to $4 billion. The bank now boasts a global client base of 1,700, spanning over 60 countries, reflecting a diverse and growing interest in crypto banking services.
The recent funding round is a testament to the gradual recovery and resilience of the broader cryptocurrency industry, commonly referred to as the ‘crypto winter.’ Investors and market participants are increasingly aligning with financially robust and well-governed institutions like Sygnum, especially as the digital asset space continues to mature and attract mainstream interest.
Sygnum’s proactive engagement within the crypto ecosystem, including a notable investment in a $23 million fundraise for P2P.org, a leading staking provider, in April of the previous year, underscores the bank’s strategic intent to foster innovation and growth within the industry.
This latest funding achievement not only solidifies Sygnum’s position as a frontrunner in the crypto banking sector but also illuminates the growing investor appetite for regulated and stable crypto financial institutions. As the digital asset landscape evolves, Sygnum’s forward-thinking approach and dedication to compliance and governance are poised to shape the future trajectory of crypto banking.
