Crypto Bank Sygnum Raises $40 Million for Expansion and Mergers
Sygnum AG, a global digital asset bank, has successfully raised $40 million in a strategic funding round led by Azimut Holding.
According to Sygnum’s latest announcement, the bank completed the oversubscribed funding round with over $40 million, exceeding its original $35 million target. Following its interim close, Sygnum’s post-money valuation has reached approximately $900 million.
The strategic growth round positioned Sygnum AG to broaden its horizons into new markets, enhancing its already robust collection of regulated products and services to “take advantage of the increasingly positive market developments in the digital asset industry.”
The announcement stated that the bank’s resilience and financial success, particularly during the “crypto winter,” played a significant role in this latest funding achievement.
By the end of 2023, Sygnum boasted an impressive annualized revenue rate exceeding $100 million and achieved a significant milestone by reaching positive cash flow in the fourth quarter.
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