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Swiss crypto bank Sygnum bags $41m to expand services, acquisitions

swiss-crypto-bank-sygnum-bags-41m-to-expand-services-acquisitions
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Swiss crypto bank Sygnum bags $41m to expand services, acquisitions

Switzerland-based crypto bank Sygnum AG has secured over $40 million in a funding round led by asset manager Azimut Holding.

The Zurich-headquartered crypto-friendly bank Sygnum AG is set to double down on its acquisition plans and expansion, with the latest funding round valuing the lender at about $900 million. In a blog post on Jan. 25, the bank said it has raised $41 million against an initial target of $35 million in an interim close of its latest funding round, which is named the Strategic Growth Round.

While Sygnum did not disclose the full list of backers, it noted that the latest funding was supported by new investors and led by Azimut Holding, a global asset management group. Sygnum employees — who also participated in the funding — together with the co-founders, board members, and management team continue to hold majority ownership of the company, the blog post reads.

The proceeds are expected to help Sygnum expand its services into new markets and further extend its suite of regulated products and services in order “to take advantage of the increasingly positive market developments in the digital asset industry.”

Founded in 2018, Sygnum says its assets under administration have surpassed the $4 billion mark as it boasts a clientele exceeding 1,700 from over 60 countries. The current team size is close to 250 members.

The bank offers services in Switzerland, Singapore, and holds licenses to operate in the UAE and Luxembourg. In an interview with Bloomberg, Sygnum Singapore CEO Gerald Goh said in 2024 the bank wants to enter “one more European jurisdiction as well as one more Asian jurisdiction.”