Sygnum Becomes a Unicorn with $58M Growth Round, Eyes Global Expansion

Crypto banking group Sygnum has reached a major milestone, securing $58 million in an oversubscribed strategic growth round. This achievement has elevated the company to unicorn status, with a post-money valuation exceeding $1 billion, the firm announced on January 14.

The funds will fuel Sygnum’s plans to expand into new regions, develop Bitcoin-focused products, and pursue strategic acquisitions. The company also aims to strengthen its regulated presence in key markets, including the European Union, the European Economic Area, and Hong Kong.

The funding round saw participation from several strategic and financial investors, including Fulgur Ventures, known for supporting major crypto platforms such as Blockstream, the creator of the Bitcoin layer-2 solution Liquid Network. Notably, Sygnum’s co-founders, board members, and team continue to hold majority ownership, underscoring their commitment to the company’s long-term vision.

Sygnum attributes the oversubscription of its latest funding round to its robust business growth over recent years. In 2024 alone, the company experienced a more than 1,000% year-over-year surge in total trades. This growth was significantly driven by its collaboration with Swiss state-owned bank PostFinance, which helped bring regulated crypto services to over a third of the Swiss population.

The company is also working with more than 20 banks on its business-to-business platform and has established key partnerships with AsiaNext, a digital asset exchange, and prime broker Hidden Road to enhance its 24/7 multi-asset settlement network, Sygnum Connect.

Despite its achievements, Sygnum’s leadership expressed concerns about Switzerland’s position as a global digital asset hub. CEO and co-founder Mathias Imbach noted that the country is losing ground to other jurisdictions in the race for innovation in the financial sector. “It is also our obligation to highlight the need for Switzerland to not ignore the importance of continuous innovation in the financial sector,” Imbach emphasized.

Founded in 2017, Sygnum is a pioneer in the cryptocurrency banking space, holding a banking license in Switzerland and additional regulatory licenses in Singapore. With over $5 billion in client assets under management, the company is rapidly expanding its influence. This latest funding round follows a $40 million investment in January 2024, led by Italian asset management firm Azimut Holding.