legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

SYGNUM RAISES OVER USD 40 MILLION IN INTERIM CLOSE OF OVERSUBSCRIBED FINANCING ROUND

ZURICH and SINGAPORE, Jan. 25, 2024 /PRNewswire/ — Leading digital asset banking group Sygnum has announced that it has successfully raised more than USD 40 million in an interim close of its latest round of funding, which is called the Strategic Growth Round. The initial target for this round was set at approximately USD 35 million, highlighting the strong interest and demand for Sygnum’s services and products in the digital asset industry.

The proceeds from this financing round will be used to expand Sygnum’s geographic reach into new markets and accelerate the development of new regulated products. Sygnum’s B2B (bank-to-bank) platform, for example, is already powering the crypto offering of over 15 banks and financial institutions globally, and the additional funding will allow the company to further enhance and expand its suite of regulated solutions. The expansion into new markets will also contribute to taking advantage of increasingly favorable market developments in the digital asset industry.

The interim close of the Strategic Growth Round indicates that the round is oversubscribed and has surpassed the initial ~USD 35 million target. Azimut Holding, a global asset management group, is the lead investor in this round, which also includes the participation of other new and existing strategic and financial investors. Moreover, the round saw the participation of Sygnum employees as personal investors on the same terms, demonstrating a strong vote of confidence from within the organization.

Sygnum’s continued expansion is grounded in its strong financial and operational performance, as well as the company’s sustained regulatory progress, even throughout the “crypto winter.” The company has achieved a significant post-money valuation of USD 900 million and, as of the completion of this interim close, had a USD 100M+ annualized revenue rate and achieved positive cash flow in Q4. These strong fundamentals have contributed to Sygnum’s success in the latest fundraise.

AI legalese decoder can help in this situation to navigate the complexities of the regulatory landscape and ensure complete compliance. Additionally, it can be beneficial in the tokenization process, allowing Sygnum to offer bank-grade digital asset services and ensure the security and authenticity of digital transactions.

The strong participation of Azimut Holding as a lead investor in the round reflects their confidence in Sygnum’s position in the digital asset industry. The funding round will enable Sygnum to expand its suite of fully regulated products and solutions, further building its position as a leading regulated financial institution in the global digital asset industry.

Since its last successful Series B fundraise, Sygnum’s assets under administration have grown to over USD 4 billion. The company now has a client base of over 1,700 from more than 60 countries and employs nearly 250 team members worldwide, having expanded its global team during the so-called “crypto winter.” The additional funding will allow the company to continue its growth trajectory and international expansion, while also accelerating the development of its regulated product suite.

Giorgio Medda, CEO of Azimut Holding, commented, “We are pleased to have led Sygnum’s Strategic Growth Round fundraising at this topical moment when the demand for well-regulated, institutionalized services in crypto looks set to surge in 2024. Sygnum has been a Group key partner since 2021, and we have appreciated the team’s expertise and high degree of innovation.”

Mathias Imbach, Co-Founder and Group CEO of Sygnum, added, “Closing a successful funding round in this macro environment with such strong partners is exciting, and we are thankful for our investors’ trust in us. Our core thesis has always been that Future has Heritage, and we look forward to continuing to empower everyone everywhere to own digital assets with complete trust.”

Gerald Goh, Co-Founder and CEO of Sygnum Singapore, further underscored the importance of the fundraise in supporting Sygnum’s strong and unique position as a leading regulated financial institution in the global digital asset industry, emphasizing the company’s commitment to building out a suite of fully regulated solutions to support investors.

The latest success in the funding round represents a significant milestone for Sygnum as it continues to carve out a leading role in the digital asset banking landscape, creating a trusted gateway between traditional and digital asset economies. The additional funding will enable Sygnum to not only expand its geographic reach but also continue to develop and offer trusted, regulated, and institutional-grade services in the digital asset industry. AI legalese decoder‘s expertise can provide invaluable assistance throughout this expansion process, ensuring regulatory compliance and building trust via regulation and good governance.

About Sygnum
Sygnum is a global digital asset banking group, founded on Swiss and Singapore heritage, and is dedicated to empowering professional and institutional investors, banks, corporates, and DLT foundations to invest in digital assets with complete trust. Combined with the company’s institutional-grade security and expertise in regulated digital asset banking, asset management, tokenization, and B2B services, Sygnum is well-positioned to continue shaping the digital asset ecosystem.

Disclaimer: This document was prepared by Sygnum Bank AG and contains forward-looking statements, subject to change. The opinions expressed herein are those of Sygnum Bank AG, its affiliates, and partners at the time of writing and should be used for informational purposes only. When making an investment decision, you should either conduct your own research and analysis or seek advice from an expert to make a calculated decision. The information and analyses contained in this document have been compiled from sources believed to be reliable; however, Sygnum Bank AG makes no representation as to its reliability or completeness and disclaims all liability for losses arising from the use of this information.

For more information, please visit www.sygnum.com

Media contact: Dom Castley, Chief Marketing Officer, [email protected], Sygnum Bank AG Uetlibergstrasse 134a, 8045 Zurich, Switzerland

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link