Swiss digital asset neobank Sygnum raises $90m in Series B round
Digital asset neobank Sygnum has raised $90 million in an oversubscribed Series B funding round which values the company at around $800 million.
The round, led by Sun Hung Kai & Co, a Hong Kong alternative investment finserv institution, saw the participation of Sygnum employees as personal investors.
These team members have become shareholders of the firm, and this group continues to hold majority ownership of the company, Sygnum says.
The round also saw participation from Canadian investment firm Meta Investments, metaverse gaming companies including Animoca Brands and Wemade, SBI Holdings and Siam Commercial Bank’s digital investment arm, SCB 10X.
Sygnum CEO Mathias Imbach
The Swiss fintech says the cash will go towards developing new Web 3.0 products including DeFi asset management solutions and strengthening blockchain commercial partnerships.
Sygnum says it will also use the funding to expand its Singapore hub’s operations and provide opportunities to co-create and distribute innovative products internationally with its strategic investors.
Sygnum claims a tenfold year-on-year increase in consolidated gross revenues in 2021.
Sygnum co-founder and group CEO Mathias Imbach says: “The digital asset economy is rapidly crossing the chasm to mainstream adoption, where investors will demand fully-regulated solutions as they accelerate their exposure.”
Gerald Goh, Sygnum co-founder and CEO Singapore, adds: “Savvy digital asset investors are increasingly looking for novel opportunities in the frontiers of Web 3.0, including DeFi, NFTs, play-to-earn gaming and the metaverse.”
Sygnum provides a suite of integrated digital asset financial products and services, including bank-grade digital asset custody and fiat rails, spot and options trading, cryptocurrency-backed fiat loans, innovative digital asset-focused asset management products, asset tokenisation solutions and business-to-business (B2B) banking for regulated financial institutions.
