Ahead of our Next Entrepreneur Event, we’re excited to feature Mathias Imbach, Co-Founder & Group CEO of Sygnum, the world’s first digital asset bank. We talked about his journey into the world of cryptocurrencies, the challenges of building a pioneering financial institution, and what keeps him inspired as an entrepreneur. From the early spark that led to Sygnum’s creation to celebrating its Unicorn status, Mathias shared his insights on leadership, resilience, and the future of digital assets. Here’s our conversation.
Hi Mathias, great to have you with us today! We’d like to start discussing your early inspiration and motivation – can you pinpoint the moment you first got your business idea?
I learned about cryptocurrencies in 2012 and got more involved in 2014/ 2015 when Ethereum was launched. Friends & family started asking me to help them invest in this emerging asset class. At the same time, I was investing in tech startups for Ratan Tata, hence was used to institutional investment setups. These were not available in crypto at that time. The first idea was to set up an institutional grade crypto fund – but there were many missing pieces, in particular regarding custody and banking. In this process I got to know the three other Sygnum Co-Founders, Luka Müller-Studer, Manuel Krieger and Gerald Goh, and we decided to start Sygnum at the 2017 Singapore Fintech festival.
And what do you find most exciting about cryptocurrencies?
The ability to transfer anything of value without intermediaries, from anywhere on this planet, with only access to the internet. Related to this, the opportunity to create an internet of value, and to reshape financial market infrastructure in the process.
But did you always know you wanted to be an entrepreneur? What made you take the leap?I started my career quite traditionally as a management consultant with Bain. While I appreciated the learnings, I realized soon that I wanted to chart a different, my own path. My time in India with Ratan Tata taught me that gutfeel is at least as important as thorough analysis, and that business requires taking risks. When I saw the opportunity on the basis of my passion for digital assets, I was ready to take the leap and to co-found Sygnum.
Already earlier in my life I dreamt about being an entrepreneur and had various brainstorming session with a good friend. But it only felt right to start a business when passion and a real market need coincided with the right partners by my side.
Building Sygnum must have come with its fair share of challenges. What were some of the biggest obstacles along the way, and how did you navigate them?
First, to ignore or contextualize the many voices telling me along the way, and in particular in the beginning, that our idea was “crazy” and that I would harm my career.
Learning: The louder your extended network challenges and debates your business idea, the more you know that you may be onto something big.
Second, to build a team from 4 to 250 while maintaining a strong culture. To work through people related disappointments and challenges, some of which can get very personal.
Learning: Culture eats strategy for breakfast, lunch, and dinner. Personal disappointments happen wherever people work together. Don’t hesitate to make changes to protect your company’s values. One tends to overestimate the negative aspects of changes and underestimate the positive developments that come with it.
Third, the persistence and resilience needed throughout the years.
Learning: Without friendly persistence, resilience, and hard work one cannot build a successful business.
And how did you celebrate the Unicorn valuation?
We celebrated it in one of our weekly coherence calls and had a unicorn themed dinner on the sidelines of an offsite.
And we highlighted that the journey goes on, and that it is important to keep both feet on the ground and to stay humble, always.
Is there a piece of advice that has really stuck with you over the years? Who gave it to you?
I don’t have “one best piece of advice”, but rather a collection of learnings that emerged throughout my career and personal life.
An advice I cherish a lot – it came from Ratan Tata – is to perform the sunshine test every evening. I repeat it in front of the Sygnum team regularly.
If what one did/ decided throughout the day were to be printed on the front page of the FT the next day, would you be ashamed in front of your loved ones?
If the answer is no, one can act, implement, and decide every day, including making mistakes along the way (just not the wrong ones). Making mistakes is important to chart a path towards success.
If you could go back and start over, what would you do differently?
Honestly nothing, no regrets. Many ups and downs are part of life. I am thankful to be on this journey with a great team, partners, friends, and family.
To conclude, can you share with us the next thing that’s on your bucket list?
To explore a part of the world I have never been to so far with my wife and daughters without work on my mind for at least 1-2 months.
Thank you, Mathias, for offering us unique insights into your mindset and vision for the future. Mathias’ journey proves that big ideas and bold moves shape the future—what’s your next leap?
Stay tuned for more entrepreneurial stories!