An initial $35 million target was exceeded with Azimut Holding, a global asset management group and existing client, as the lead investor.

The round pushes Sygnum's valuation up to $900 million, a $100 million uplift from its $90 million Series B in October 2022.

Since then, Sygnum's assets under administration have grown to over $4 billion, with a client base of over 1,700 from more than 60 countries.

Alongside the increase in valuation, the group continued to grow its global team through the 'crypto winter', now nearing 250 employees. Outside of Switzerland and Singapore, the group is also licenced to operate in the UAE and Luxembourg.

Mathias Imbach, co-founder and group CEO, says: "Closing a successful funding round in this macro environment with such strong partners is exciting, and we are thankful for our investors' trust in us. Our strategy to build trust via regulation and good governance has guided us throughout all market cycles.

Proceeds will be used to expand Sygnum's geographic reach into new markets and accelerate the development of its bank-to-bank 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, and in November, the firm's Singapore arm inked a deal with 174-year-old private bank Bordier & Cie, expanding an existing partnership that began in 2021 in Geneva.

Giorgio Medda, CEO of Azimut Holding, says: "We are pleased to have led Sygnum's strategic growth round fundraising at this topical moment when the demand for well-regulated, institutionalised 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 tokenisation of a private credit portfolio to benefit our alternative investment funds asset allocation."