January 7, 2022
Singapore-based digital asset bank Sygnum has raised $120 million in an oversubscribed Series B funding round led by Hong Kong-listed alternative investment company Sun Hung Kai & Co, according to Straits Times.
The round gives Sygnum a post-money valuation of over $1 billion.
This boost in valuation was also underpinned by a tenfold increase in consolidated gross revenues in 2021, an institutional client base nearing 1,000 and assets under administration growing to over $3 billion, the company said on Thursday (Jan 6).
Other investors in the round include Canadian investment firm Meta Investments, blockchain gaming companies Animoca Brands and WeMade, as well as Sygnum’s existing investors, including SBI Holdings and Siam Commercial Bank’s digital investment arm SCB 10X.
As with prior funding rounds, the Series B also drew participation from a large group of employees as personal investors. These individuals, together with Sygnum’s co-founders, board members and management team, continue to hold majority ownership of the company, Sygnum said.
Proceeds will boost Sygnum’s development of new, institutional-grade services in what has become known as Web 3.0, which is characterised by a decentralised Internet and artificial intelligence-driven services.
The funds raised will also enable Sygnum to launch its market-tested offerings into new global markets and expand its Singapore operations.
The company currently has a Swiss banking licence and a Singapore asset management licence.