The Swiss crypto bank Sygnum raises $90 million in a Series B, accelerating expansion of Web 3.0 offerings and entry into new global markets. Their funding round was led by Sun Hung Kai & Co. Limited, a financial services provider listed on the Hong Kong Stock Exchange.
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. The round gives the Swiss bank a post-money valuation of USD 800 million.
Strong growth in 2021
Sygnum, a digital asset technology group with a Swiss banking license and a Singapore asset management licence, 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. As with all prior fundraising rounds, the 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.
"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." - Mathias Imbach, Sygnum Co-Founder and Group CEO
Fuelled by continued strong demand for its integrated portfolio of regulated digital asset products and services, in 2021 the crypto bank 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.
Expansion of service offering
Proceeds will accelerate the firm'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 USD 90m raised will also propel Sygnum's market-tested offerings into new global markets, expand its Singapore hub's operations and provide opportunities to co-create and distribute innovative products internationally with its strategic investors.
"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. We look forward to partnering with our strong global network of strategic investors to expand our suite of fully-regulated digital asset offerings and solutions into these emerging verticals." - Gerald Goh, Sygnum Co-Founder and CEO Singapore
