Cygnetise

Cygnetise offers a blockchain-powered Software-as-a-Service (SaaS) platform for managing authorised signatory lists and bank mandates. The company was founded in London, UK, on May 31, 2016, by Steve Pomfret and Shaun Blake. Pomfret, the current CEO, has an extensive background in operational change at large financial institutions like Credit Suisse and Deutsche Bank, where he focused on improving efficiency and mitigating risk. This experience highlighted the inefficiencies and fraud risks associated with the traditional, paper-based management of signatory lists, leading to the creation of Cygnetise.

The company's core product digitises the process of maintaining and distributing authorised signatory lists, a critical function for finance and operations departments. By leveraging blockchain technology, the platform provides a secure, immutable, and real-time auditable trail of all changes. This significantly reduces the risk of fraud, cuts administrative costs, and saves over 90% of the time previously spent on manual tasks. Clients can manage signatory updates instantly, grant permissioned access to counterparts like banks, and integrate with e-signature platforms. The application also allows for the attachment of KYC documents and the creation of custom data fields.

Cygnetise operates on a subscription-based business model, serving a diverse, industry-agnostic client base that includes financial services, wealth managers, legal services, and energy companies. The firm is active in over 40 countries, with clients such as Raymond James, Societe Generale, and SEI Investments. The company has progressed through several funding rounds, including a £2.5 million Pre-Series A in September 2023, to fuel international expansion and team growth.

Keywords: authorised signatory management, blockchain technology, delegated authority, fraud prevention, operational risk, compliance, corporate governance, SaaS, fintech, bank mandate management, digital audit trail, signature verification, access control, financial services, legal tech, regtech, corporate treasury, operational efficiency, secure data sharing, distributed ledger technology