Zug-based "crypto bank" SEBA has announced the completion of its Series B funding round and plans to expand its digital asset services both in its home market and internationally. The additional shares are also expected to be tokenized in the near future.
In August 2019, SEBA Bank was among the first financial services providers in the digital assets sector to receive a banking license from the Swiss Financial Market Supervisory Authority (FINMA), alongside Sygnum. Now, the crypto bank successfully finished a Series B Fundraising, which aims to ensure accelerated growth including the international market.
Second capital increase for further growth
According to SEBA, all existing major shareholders as well as new investors from Switzerland, Europe and Asia participated in the capital increase. The bank is thus well positioned to continue its national and international expansion and to secure strong growth. The Zug-based bank also intends to use the new equity to expand its product and service offering, increase its capacity to lend to clients and take its established hub in Switzerland into new markets.
"I am delighted that the strengths of SEBA Bank and its track record in 2020 were recognised by our existing key shareholders and new investors leading them to participate in a second capital raise. This support will allow us to accelerate the strong growth SEBA Bank is delivering as we also plan to expand into new markets in Middle East and Asia and support US institutional clients." - Guido Bühler, CEO SEBA Bank
Following the implementation of the new blockchain law in Switzerland, which is now in its final phase, the shares of the second financing round will also be tokenized. The capital increase amounted to 20 million Swiss francs, SEBA did not want to comment on the valuation when asked by CVJ.CH. Nevertheless, they seemed very satisfied with the result:
"We see strong interest in our products and services from asset managers, institutional investors and pension funds, but also from banks and family offices. These segments have recognized digital assets as an asset class and are now willing to invest in them. This development shows that SEBA Bank is now an established player and forms the bridge between the traditional and the new world of digital assets." - SEBA Bank in response to CVJ.CH
