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Fintech Firm PolySign Raises $53M to Expand Staff
The funding round follows the firm’s acquisition of fund administrator MG Stover in April.
By Cam Thompson
Updated May 11, 2023, 4:17 p.m. Published Jun 28, 2022, 1:00 p.m.
Blockchain fintech firm PolySign has raised $53 million in a Series C funding round with participation from Cowen Digital, Brevan Howard, GSR and others, the company said Tuesday in a press release. Valuation for the company following the latest funding round was not disclosed.
In addition to the funding round, PolySign has also secured a $25 million credit facility from private equity firm Boathouse Capital.
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PolySign provides institutional grade infrastructure for investors through its subsidiary Standard Custody & Trust Company, as well as fund administration via MG Stover, a firm that PolySign recently acquired.
According to PolySign CEO Jack McDonald, the company plans to use the funding to fuel its “net hiring mode” by increasing its headcount from the current 165 full-time employees by 20% to 30%, and recruiting talent from the world of traditional finance.
“We're looking for people ideally that have experience in crypto or digital assets. We're also looking for people who understand and have serviced institutional clientele,” McDonald told CoinDesk. “It's either finding people that have an expressed interest in the space or experience, or at least are curious and want to come on board.”
PolySign has been actively growing its custody and funding administration products over the past year. In May 2021, Cowen agreed to provide its crypto custody services to the firm as part of PolySign’s $53 million Series B funding round led by Cowen. And in April of this year, PolySign acquired MG Stover.
According to McDonald, PolySign currently works with over 200 clients representing over 400 different funds and products, and manages about $35 billion in assets.
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