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