Swiss and Singapore registered digital asset bank group Sygnum announced on Tuesday that it has raised $58 million in an oversubscribed strategic growth round of financing, bringing its post-investment valuation to over $1 billion, making it a unicorn company.
In a statement, Sygnum said that Fulgur Ventures, a venture capital firm focused on Bitcoin technology, was the cornerstone investor in the final fundraising stage of this round. New and existing strategic and financial investors also participated in the investment, and Sygnum team members participated under the same terms. Co-founders, board members, and team members continue to hold a majority stake in Sygnum.
The company stated that the new funds will be used to expand its product portfolio focused on Bitcoin technology, expand its institutional infrastructure, strengthen the compliance team, and explore strategic acquisition opportunities. The funds raised will also support Sygnum’s expansion plans in the European Union and the launch of its regulated business in Hong Kong.
This financing comes less than a year after Sygnum announced in January last year that it raised over $40 million in the mid-stage of its strategic growth round, led by Milan-based asset management company Azimut Holding. In the Series B financing completed in January 2022, Sygnum raised $90 million, with participation from Asian investors including Sun Hung Kai & Co., Animoca Brands, and SBI Holdings.
Sygnum claims to achieve operational profitability in the fiscal year 2024, with its trading products driving business growth, including cryptocurrency spot, derivatives, foreign exchange, and traditional securities, with annual trading volume increasing by over 1000% year-on-year. The banking group stated that it currently manages over $5 billion in assets for more than 2,000 clients from 70 countries.
In addition to being licensed in Switzerland and Singapore, Sygnum is also regulated in Abu Dhabi, Luxembourg, and Liechtenstein, and the company plans to significantly expand its MiCA compliance coverage in the European Union this season. Source