PIMFA announce choice fintechs
Well done on being one of the winners in the PIMFA competition, could you take a few moments and let us know more about what it is Cygnetise does?
Cygnetise is a blockchain application that makes the process of managing authorised signatory lists efficient and secure. We enable companies to save over 90% of their time and admin costs, view a full audit trail, reduce risk of fraud and increase the security of their sensitive data. It’s currently used in 10 jurisdictions, and our clients include ICSA, Aviva, Canaccord Genuity Wealth Management, PWC, Ogier, Collas Crill Trust, R&H Fund Services and Transport for London.
And what does this mean for your customers?
Clients significantly reduce their admin and paper burden so they can focus on more important tasks (like making sure their board receive the right information so they can make the best decisions). It also provides them with much more control over their data and mitigates the risk of fraud.
What kind of companies are your customers, by the way? Banks? Fish and chip shops?
We are focusing on financial services at the moment, but the Cygnetise application can benefit every organisation handling signatory lists.
What’s the best thing Cygnetise has accomplished this year, excluding the PIMFA awards?
Probably the expansion of the team and strengthening of the board. It’s really important to get the right people for the job and build the right culture. We have been fortunate enough to find such people.
In the last 12 months we have also completed a GBP 1 Million seed funding round which was led by Calibrate Partners. They have been very supportive with the business so haven’t solely been a funding source.
And what does the next 12 months have in store for you guys, do you think?
We are currently ramping up the onboarding of customers primarily fund and corporate services companies based in the Channel Islands, and will look to gain similar traction within wealth management and asset managers in London. We are also working with some big banks so should see them become fully adopted customers. We will be also be targeting a Series A investment round which will expand our sales team and technical capabilities.