Cygnetise has secured £2.5 million in funding for its blockchain technology, designed to streamline digital signatory management. Their cloud-based platform allows finance and operations departments to efficiently and securely manage and share authorized signatories with banks and other partners in real-time. This results in a significant reduction in fraud risk, operational improvements, enhanced governance, increased efficiency, and cost savings.
The pre-Series A funding round was led by Adjuvo, a UK investment syndicate, with participation from Massive, a US venture capital firm, as well as existing venture capital and angel investors. This funding will support Cygnetise’s international and sector expansion plans as it experiences growing demand. The platform is already operational in over 40 countries.
“We look forward to working with such high-calibre new partners,” commented CEO Steve Pomfret. “This is a huge milestone for Cygnetise and credit to the whole team for helping to get the company to this stage. “The investment now enables us to move into our next expansion phase and accelerate our growth.”
Cygnetise, founded in 2016, was among the pioneers in demonstrating the practical application of blockchain technology to real-world industry challenges. While initially focusing on financial services, the company is now rapidly expanding its versatile solution to various other industries.
Mark Foster-Brown, CEO of Adjuvo, said: “As many Adjuvo members know from personal experience, authorised signatory management is a business-critical process for most companies worldwide and particularly in financial and legal services.
