Sygnum, a crypto bank, secures $40 million to fuel expansion and pursue acquisitions

Sygnum AG, the crypto bank, has successfully secured 35 million Swiss francs ($41 million) in funding, spearheaded by asset manager Azimut Holding. This substantial capital injection, valuing the company at approximately 725 million Swiss francs – a figure consistent with the previous funding round in January 2022, marks a confident stride towards realizing Sygnum’s expansion and acquisition objectives.

Gerald Goh, the Co-founder and CEO of Sygnum Singapore, expressed optimism about the future trajectory of the company during an interview, revealing plans to fortify its presence in new geographies. With a strategic focus on entering one more European jurisdiction and an additional Asian jurisdiction in the coming year, Sygnum remains poised for substantial growth.

Acknowledging the challenges faced by the crypto industry in the aftermath of the 2022 market downturn and notable incidents like the FTX exchange collapse, Goh emphasized Sygnum’s commitment to resilience and adaptability. Despite the prevailing subdued investment commitments in the crypto space, Sygnum is determined to capitalize on emerging opportunities.

Sygnum’s success story unfolds with a doubling of its client base to over 1,700 and a remarkable twofold increase in assets under management, reaching 3.7 billion Swiss francs by the end of 2023, according to provisional data. With a keen eye on the European market, Sygnum aims to acquire companies that align with its existing services, demonstrating a strategic and confident approach to sustained growth.

Goh emphasized that all prospective acquisitions are closely aligned with Sygnum’s current operations, showcasing a deliberate and strategic approach to expanding its portfolio. Having previously raised $90 million in January 2022, led by Sun Hung Kai & Co., Sygnum’s recent funding success underscores its resilience and strategic positioning in the dynamic landscape of digital finance.


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