Sygnum Soars to Unicorn Status with $58 Million Growth Round

A soaring unicorn against a bright blue sky. A soaring unicorn against a bright blue sky.

Swiss-Singaporean digital asset bank Sygnum has officially achieved unicorn status following a successful $58 million strategic growth round, elevating its valuation to over $1 billion. This milestone underscores the growing significance of digital asset banking and Sygnum’s pivotal role in the sector.

Key Takeaways

  • Sygnum raised $58 million, achieving a valuation exceeding $1 billion.
  • The funding round was led by Fulgur Ventures, with participation from new and existing investors.
  • Sygnum serves over 2,000 institutional clients across more than 70 countries.
  • The company plans to expand its presence in the EU and Hong Kong.

Sygnum’s Growth Journey

Founded in 2017, Sygnum has rapidly established itself as a leader in the digital asset banking space. The company offers a comprehensive suite of services, including regulated digital asset banking, asset management, tokenization, and B2B services. With operations in Switzerland, Singapore, and Abu Dhabi, Sygnum is regulated in multiple jurisdictions, including Luxembourg and Liechtenstein.

In the fiscal year 2024, Sygnum reported operational profitability, with total annual trades increasing by over 1,000% year-on-year. This growth was significantly driven by partnerships with PostFinance and over 20 banks on its B2B platform, which collectively provide regulated crypto services to a substantial portion of the Swiss population.

Advertisement

Funding Details

The recent funding round was spearheaded by Fulgur Ventures, a US-based venture capital firm focused on Bitcoin technologies. The investment attracted both new and existing investors, as well as Sygnum employees who participated on equal terms. The co-founders and team members continue to maintain majority ownership of the company.

Future Plans

Sygnum intends to utilize the proceeds from this growth round to enhance its European presence, targeting entry into new EU/EEA markets and establishing a regulated presence in Hong Kong. Additionally, the company aims to strengthen its institutional infrastructure and broaden its product offerings, particularly in Bitcoin technology.

Mathias Imbach, Sygnum’s co-founder and Group CEO, emphasized the importance of continuous innovation in the financial sector, stating that Sygnum’s mission is just beginning. He noted that Switzerland must remain competitive as a digital asset hub to attract talent and capital.

Conclusion

Sygnum’s achievement of unicorn status marks a significant milestone in the digital asset banking industry. With its innovative approach and strategic growth plans, Sygnum is poised to play a crucial role in shaping the future of digital finance, reinforcing its commitment to providing cutting-edge services to institutional clients worldwide.

Sources

Add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep Up to Date with the Most Important News

By pressing the Subscribe button, you confirm that you have read and are agreeing to our Privacy Policy and Terms of Use
Advertisement

Pin It on Pinterest

Share This