Capital markets News

Digital asset bank Sygnum raises $40m led by Azimut

sygnum digital asset bank

Today Swiss digital asset bank Sygnum announced a $40m oversubscribed funding round led by Italian asset manager Azimut, an existing investor and partner. At the interim close, the post-money valuation for the bank is $900 million, up from $800 million at the time of its Series B, which was shortly after the peak of the previous crypto boom.

The company didn’t share the identities of the other investors. Some of its existing backers include Japan’s SBI and Siam Commercial Bank’s SCB 10X. 

The bank revealed several pieces of positive data, including a revenue run rate of more than $100 million, a Q4 positive cash flow and $4 billion of assets under management.

Sygnum plans to use the funds to develop its products further and expand to additional jurisdictions. It already provides crypto solutions to 15 banks, including PostFinance, one of Switzerland’s largest retail bank providers. It holds licenses in Switzerland and Singapore and also conducts regulated activities in Luxembourg and Abu Dhabi.

“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 Giorgio Medda, CEO of Azimut Holding. 

“We strongly believe in the evolution of technology and its positive impact on the investments industry, so we are delighted to contribute to the growth of Sygnum in a round that strengthens its position as a leading financial institution in the digital asset sector.”

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