Sygnum raises USD 90m in Series B to accelerate expansion of Web 3.0 offerings and into new global markets

06.01.2022 18:09, Guillaume Tinsel

Sygnum, a digital asset technology group with a Swiss banking license and a Singapore asset management license, has raised USD 90 million in an oversubscribed Series B funding round led by Sun Hung Kai & Co. Limited. They are joined by a raft of new and existing strategic investors, with the round valuing Sygnum at USD ~800 million on a post-money basis. Sygnum was elected at the TOP 100 Swiss Startup Award from 2019 to 2021.

Sygnum’s Series B is led by Sun Hung Kai & Co. Limited (SEHK: 86), a leading Hong Kong listed alternative investment financial services institution.Other significant co-investors in the round include Canadian investment firm Meta Investments, prominent blockchain, non-fungible token (NFT) and metaverse gaming companies including Animoca Brands and Wemade, founders of leading decentralized finance (DeFi) protocols, and existing strategic investors including SBI Holdings and Siam Commercial Bank’s digital investment arm, SCB 10X.

As with all prior fundraising rounds, Series B also saw the participation of a large group of employees as personal investors. These team members have now joined the co-founders, board members, and management team as shareholders of the firm, and this group continues to hold majority ownership of the company.

Fuelled by continued strong demand for its integrated portfolio of regulated digital asset products and services, in 2021 Sygnum delivered a tenfold year-on-year increase in consolidated gross revenues. In the same period, its client base neared 1,000 financial institutions, banks, corporates and private investors, and its assets under administration grew to well over USD 2 billion.

The round gives Sygnum a post-money valuation of USD ~800 million, underpinned by a tenfold increase in consolidated gross revenues in 2021, an institutional client base now nearing 1,000, and assets under administration growing to over USD 2 billion 

Proceeds will accelerate Sygnum’s development of new institutional-grade Web 3.0 offerings, including: 

• Additional yield-generating products, including white-listed DeFi pools and expanded staking services 
• Asset management solutions providing trusted access to new, high-growth DeFi innovations 
• New commercial partnerships with leading blockchain ecosystems like the Dfinity Foundation 

“The digital asset economy is rapidly crossing the chasm to mainstream adoption, where investors will demand fully-regulated solutions as they accelerate their exposure. This financing round is a key milestone in our global expansion and in our mission to empower everyone everywhere to own digital assets with complete trust”, says Mathias Imbach, Sygnum Co-Founder and Group CEO.

Sygnum was elected at the TOP 100 Swiss Startup Award from 2019 to 2021.

Source : Sygnum Press Release