London-based start-up Cygnetise has raised £2.5 million in a Pre-Series A round to expand its cloud-based Software-as-a-Service (SaaS) solution. The investment, led by UK investment syndicate Adjuvo, will allow Cygnetise to grow its sales and tech teams and expand further across sectors and internationally.
Cygnetise’s SaaS solution is designed to streamline and secure authorised signatory management for operations and finance departments. By leveraging blockchain technology, the solution reduces the risk of fraud and lowers costs for businesses. The start-up claims its platform saves companies over 90 percent of the time previously spent on manual and paper-based tasks.
Notable customers of Cygnetise include PwC, Societe Generale, Willis Towers Watson, Charles Schwab, ADNOC, and SEI. The platform has garnered interest and investment from major market players, with participation in the round from Massive and existing backers.
Cygnetise CEO Steve Pomfret expressed excitement about working with the new partners, calling it a “huge milestone” for the company. Pomfret also highlighted that the investment will facilitate the start-up’s next expansion phase and help accelerate its growth.
Adjuvo CEO Mark Foster-Brown discussed the importance of Cygnetise’s digital blockchain technology in transforming the manual exercise of authorised signatory management, leading to increased efficiency, security, and operational excellence. Foster-Brown mentioned plans to introduce Cygnetise to Adjuvo’s extensive network of British business leaders.
With its innovative SaaS solution and the support of its investors, Cygnetise is well-positioned to revolutionize authorised signatory management in the corporate world. As the company continues to grow and expand, it will likely attract more customers and solidify its position in the market.