London-based Cygnetise’s cloud-based SaaS solution makes authorised signatory management for operations and finance departments more efficient, transparent, and secure by using blockchain technology reducing the risk of fraud, and the cost to businesses.
The start-up has raised £2.5 million in a Pre-Series A over-subscribed round which was led by UK investment syndicate Adjuvo and includes participation from Massive and exiting backers. The fresh funding will allow the firm to expand its sales and tech teams while expanding further across sectors and internationally.
“We look forward to working with such high-calibre new partners. 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,” says Cygnetise CEO, Steve Pomfret.
As well as cost savings Cygnetise claims it saves companies over 90 percent of the time spent on manual and paper-based tasks and it counts PWC, Societe Generale, Willis Towers Watson, Charles Schwab, ADNOC, and SEI amongst its customers.
“Cygnetise is transforming this currently manual exercise with their digital blockchain technology, leading to increased efficiency, security and operational excellence. The need is both real and obvious, and so we are delighted to lead this round to support Steve and the team as they drive an ambitious growth strategy. We look forward to introducing them to our extensive network of British business leaders,” says Adjuvo CEO, Mark Foster-Brown.
Lead image: via Cygnetise. Photo: Uncredited.