Sygnum, a global digital asset banking firm, has collected over $40m from an initial target of around $35m in its newest investment and funding round, known as the strategic growth round.

As of this interim close, the company’s post-money valuation is $900m.

The round’s main investor, global asset management business Azimut Holding, is joined by several new and returning financial and strategic partners.

In line with previous fundraising rounds, Sygnum staff members took part as personal investors in the strategic growth round on the same terms.

The company’s primary ownership is still held by Sygnumers, the co-founders, board members, and management group.

Furthermore, the money raised from this financing round will be utilised to broaden Sygnum’s reach and quicken the development of its fully regulated products, such its B2B (bank-to-bank) platform, which now drives the cryptocurrency offerings of more than 15 banks and financial institutions worldwide.

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A collaboration between Sygnum and PostFinance, a retail bank in Switzerland, was launched in April 2023 with the aim of providing millions of Swiss clients with access to a variety of bank-grade digital asset services.

Sygnum Singapore signed a contract in November 2023 with Bordier & Cie, a 174-year-old private bank, to expand their collaboration, which had started in Geneva in 2021.

With over 1,700 clients from a number of nations, Sygnum has wrapped up its most recent Series B fundraising, bringing its assets under administration to over $4bn.

Throughout the “crypto winter,” the group kept adding to its global team, now approaching 250 personnel, to support the company’s growing customer activity and operations. The group has permission to operate in Luxembourg and the United Arab Emirates in addition to Switzerland and Singapore.

Giorgio Medda, CEO of Azimut Holding said: “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.”

Mathias Imbach, co-founder, and group CEO commented: “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 our strategy to build trust via regulation and good governance has guided us throughout all market cycles.”