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    Crypto Bank Sygnum Raises $40 Million for Expansion and Mergers

    • January 25, 2024

    Sygnum AG, a global digital asset bank, has successfully raised $40 million in a strategic funding round led by Azimut Holding.

    According to Sygnum’s latest announcement, the bank completed the oversubscribed funding round with over $40 million, exceeding its original $35 million target. Following its interim close, Sygnum’s post-money valuation has reached approximately $900 million.

    Sygnum reported $100M revenue for 2023


    The strategic growth round positioned Sygnum AG to broaden its horizons into new markets, enhancing its already robust collection of regulated products and services to “take advantage of the increasingly positive market developments in the digital asset industry.”

    The announcement stated that the bank’s resilience and financial success, particularly during the “crypto winter,” played a significant role in this latest funding achievement.

    By the end of 2023, Sygnum boasted an impressive annualized revenue rate exceeding $100 million and achieved a significant milestone by reaching positive cash flow in the fourth quarter.

    News: Sygnum raises more than USD 40 million in interim close of oversubscribed financing round.
    Read the full announcement here: https://t.co/v2XD4duICY #fundrasing #sygnum

    — Sygnum Bank (@sygnumofficial) January 25, 2024

    “We are pleased to have led Sygnum’s Strategic Growth Round fundraising at this topical moment when the demand for well-regulated, institutionalised services in crypto looks set to surge in 2024,” said Azimut Holding CEO Giorgio Medda.

    “Sygnum has been a Group key partner since 2021 as, first in Europe, we have developed together the first tokenisation of a private credit portfolio to benefit our alternative investment funds asset allocation,” said Medda.

    Regulated banking service in global market


    Sygnum holds a banking license in Switzerland and operates with Capital Markets Services (CMS) and Major Payment Institution Licenses in Singapore. Additionally, Sygnum’s operations are regulated in Abu Dhabi and Luxembourg, too.

    The company specializes in providing services to a diverse clientele, including professional and institutional investors, banks, corporate entities, and entities involved in distributed ledger technology (DLT). Its services include a range of offerings in digital asset banking, asset management, tokenization, and B2B services.

    “Closing a successful funding round in this macro environment with such strong partners is exciting,” said Sygnum co-founder and CEO Mathias Imbach.

    “Our core thesis has always been that Future has Heritage, and our strategy to build trust via regulation and good governance has guided us throughout all market cycles,” said Imbach.

    “This fundraising round is testament of Sygnum’s strong and unique position as a leading regulated financial institution in the global digital asset industry,” said Sygnum Singapore CEO Gerald Goh.

    The post Crypto Bank Sygnum Raises $40 Million for Expansion and Mergers appeared first on Cryptonews.

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