Singapore and Switzerland-based digital asset banking group Sygnum has on Thursday announced that it has raised more than $40 million against an initial $35 million target in an interim close of its latest funding round, which is named the Strategic Growth Round.

As of the completion of this interim close the company’s post-money valuation stands at $900 million, Sygnum said in a statement.

According to the statement, global asset management group Azimut Holding is the lead investor for the round and are joined by other new and existing strategic and financial investors.

Consistent with prior fundraising rounds, the Strategic Growth Round also saw Sygnum employees participating as personal investors on the same terms.

Sygnumers, together with the co-founders, board members and management team continue to hold majority ownership of the company.

According to the statement, proceeds from this financing round will be used to expand Sygnum’s geographic reach into new markets and accelerate the development of Sygnum’s fully regulated products such as its bank-to-bank (B2B) platform, which now powers the crypto offering of over 15 banks and financial institutions globally.

In April 2023, Sygnum announced a partnership with PostFinance, one of Switzerland’s largest retail banks, to bring a range of bank-grade digital asset services to millions of Swiss customers.

In November 2023, Sygnum Singapore inked a deal with the Singapore arm of 174-year-old private bank Bordier & Cie, expanding an existing partnership that began in 2021 in Geneva.

Since its last successful Series B fundraise, Sygnum’s assets under administration have grown to over $4 billion, with a client base of over 1,700 from more than 60 countries.

To support the company’s increasing client activity and operations, the group continued to grow its global team through the “crypto winter”, now nearing 250 team members.

Outside of Switzerland and Singapore, the group is also licensed to operate in the UAE and Luxembourg.

“Our core thesis has always been that Future has Heritage, and our strategy to build trust via regulation and good governance has guided us throughout all market cycles,

“We look forward to continuing to empower everyone everywhere to own digital assets with complete trust,” said Mathias Imbach, Co-Founder and Group Chief Executive Officer of Sygnum.

Sygnum is a global digital asset banking group empower professional and institutional investors, banks, corporates and DLT foundations to invest in digital assets with complete trust.

Its team enables this through its institutional-grade security, expert personal service and portfolio of regulated digital asset banking, asset management, tokenization and B2B services.

The group is also regulated in the established global financial hubs of Abu Dhabi and Luxembourg.

“We are pleased to have led Sygnum’s Strategic Growth Round fundraising at this topical moment when the demand for well-regulated, institutionalized services in crypto looks set to surge in 2024,

“Sygnum has been a group key partner since 2021 as, first in Europe, we have developed together the first tokenization of a private credit portfolio to benefit our alternative investment funds asset allocation,” said Giorgio Medda, Chief Executive Officer of Azimut Holding.

He said that they strongly believe in the evolution of technology and its positive impact on the investments industry, so they are delighted to contribute to the growth of Sygnum in a round that strengthens its position as a leading financial institution in the digital asset sector.

Sygnum Singapore receives in-principle approval of Major Payment Institution Licence from the MAS