Swiss group Sygnum raises over $40 mln to fund expansion

SINGAPORE, Jan 25 (Reuters) -

Swiss digital asset group Sygnum said on Thursday it has raised more than $40 million in its latest funding round to finance its expansion into new geographical markets and accelerate product development.

Italian asset management group Azimut Holding led the investment in the round, which values Sygnum at $900 million, it said in a statement.

Sygnum's assets stood at over $4 billion, with a client base of over 1,700 from more than 60 countries, it said.

The group had raised $90 million earlier this month at a valuation of $800 million.

"The broader industry is emerging from the 'crypto winter' and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions," said Gerald Goh, Sygnum co-founder and Singapore CEO in the statement.

Founded in 2017, Sygnum holds a banking licence in Switzerland and has capital market services and major payment institution licences in Singapore, according to its website.

It is also licenced to operate in the United Arab Emirates and Luxembourg, its website showed. (Reporting by Yantoultra Ngui; Editing by Varun H K)