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Sygnum has announced that it has successfully raised over $40 million, surpassing its initial target of approximately $35 million in an interim close of its Strategic Growth Round.
The funding round saw substantial participation from Azimut Holding, a global asset management group, as the lead investor. This latest funding initiative was propelled by Sygnum's compelling performance during the challenging "crypto winter," culminating in a $100 million+ annualized revenue run rate and the attainment of positive cash flow in Q4 of 2023.
Mathias Imbach, co-founder and Group CEO of Sygnum, emphasized the company's commitment to building trust through regulation and governance across all market cycles.
Gerald Goh, co-founder and CEO of Sygnum Singapore, provided further insight into the company's trajectory and future plans. "This fundraising round is a testament to Sygnum’s strong position in the digital asset industry," said Goh. "As the broader industry emerges from the 'crypto winter,' investors are increasingly seeking partnerships with trusted financial institutions. This fundraise will enable us to expand our suite of fully regulated solutions and support investors as they increase their exposure to digital assets."
The funds will be instrumental in expanding Sygnum’s geographic reach and accelerating the development of its innovative products, including its B2B platform, which powers the crypto offerings of over 15 banks and financial institutions globally, the company said, adding that recent notable partnerships with PostFinance and Bordier & Cie in Singapore highlight its commitment to bringing bank-grade digital asset services to a broader audience.
Since its last successful Series B fundraise, Sygnum has seen its assets under administration soar to over $4 billion, with a client base spanning over 60 countries. The company’s growth has been supported by an expanding team, now nearing 250 members, and a regulatory footprint extending to the UAE and Luxembourg.