Sygnum, a leading Swiss digital asset banking group, has successfully raised $58 million in its Strategic Growth Round, catapulting its valuation to over $1 billion.
The bank’s recent funding round marked a significant achievement. It officially entered the elite club of ‘unicorn’ companies, privately held startups that have successfully reached a valuation threshold of $1 billion or more.
Sygnum’s $58 million funding round was oversubscribed, with Fulgur Ventures, a prominent venture capital firm specializing in Bitcoin technologies, playing a key role.
Other investors that partook in the funding round included new and existing strategic and financial partners and Sygnum’s employees. However, the company’s founding team, board, and staff hold a majority interest in Sygnum.
Sygnum’s impressive growth trajectory was a significant draw for investors. The company’s 2024 revenues for all its trading products, from cryptocurrency markets to traditional asset classes, derivatives, and foreign exchange, surpassed the previous year’s total by the third quarter, with annual trades increasing by over 1,000% year-over-year.
This remarkable growth was driven by partnerships with PostFinance and over 20 banks, which provided regulated crypto services to a significant portion of the Swiss population.
Sygnum’s Raise to Advance Bitcoin
According to the bank, the new capital will fuel Sygnum’s expansion into the EU/EEA market by 2025 and establish a regulated presence in Hong Kong. Additionally, the company plans to enhance its institutional infrastructure, broaden its product offerings by focusing on Bitcoin technology, and explore strategic acquisitions.
Concerning the bank’s latest feat, Sygnum Co-Founder and Group CEO Mathias Imbach said:
“Sygnum reaching Unicorn status is a strong validation by the market of our business model, strategy and team. […] As Switzerland is currently losing ground to other jurisdictions as a preferred digital asset hub, it is also our obligation to highlight the need for Switzerland to not ignore the importance of continuous innovation in the financial sector and to continue to attract talent and capital to remain relevant in the long term. In that way, Sygnum’s mission is only at the very beginning.”
Sygnum took a significant step towards integrating digital assets into traditional finance by partnering with PostFinance in 2023. The collaboration empowered PostFinance to provide its customers with various cryptocurrencies and revenue-generating solutions.
