Following the latest round of fundraising, crypto bank Sygnum has almost obtained unicorn status – a valuation of $1 billion or above.
Sygnum has raised over $40 million in its latest funding round for strategic growth, according to a statement, exceeding its target of $35 million. The lead investor is Milan-based asset manager Azimut Holdings with some employees also joining as investors on the same terms.
The proceeds will be used for Sygnum’s geographic expansion into one European market and another in Asia in 2024. They will also be used to accelerate the development of regulated products such Sygnum’s bank-to-bank platform, which currently has over 15 lenders and financial institutions on board.
New Valuation
After the latest funding round, Sygnum has almost achieved unicorn status with a valuation of $900 million. In its previous funding round in January 2022, the crypto bank secured $90 million from several Asia-based investors including Sun Hung Kai & Co., Animoca Brands and SBI Holdings. Sygnum employees, together with its co-founders, board members and the management team, remain as the majority shareholders.
Based in Switzerland and Singapore, Sygnum currently has more than $4 billion in assets under management from over 1,700 clients across 60 countries.
