Welcoming Cygnetise to FinTech Connect!
Cygnetise is a decentralised application that makes the process of managing authorised signatory lists efficient and secure. Using blockchain technology, organisations including PwC, Ogier, Vistra and many more, significantly mitigate the risk of fraud and save over 90% of their admin time and costs.
Year Founded: 2016
How did the idea for the business originate?
Co-founder Steve Pomfret was looking at the best use cases in blockchain that could be most easily be adopted, and have potential to create an ecosystem. He discussed with his associates in the financial services industry. Co-founder Shaun Blake suggested a good use case maybe the management of authorised signatory lists. The use case was analysed and the company was formed.
Do you have customers yet? If not, how far into your business lifecycle are you?
Yes. We have had paying customers since December 2017.
How have you funded your growth to date?
We have had 3 funding rounds. 1) 100k Friends and Family, 2) 500k EIS / Angel 3) 1 Million Series Seed / Angel.
What would a successful year look like for you?
Revenues exceeding GBP 500k.
Outside of your own business, which start up do you admire the most and why?
Revolut – To become a unicorn so quickly is an amazing feat.