The Swiss crypto bank SEBA raises CHF 110 million in successful Series C funding round to further drive international growth and institutional business. The successful funding round is led by a consortium of specialized blockchain and fintech investors.
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 C Fundraising, which aims to ensure accelerated growth including the international market as well as a continuous expansion of their digital asset offering. The financing round follows a successful Series B Fundraising in December 2020, the Participation Certificates of which were issued as tokenized equity securities on the Ethereum blockchain.
Aiming for accelerated growth
According to SEBA, this financing round aims to further accelerate the significant growth the crypto bank has experienced over the past year. The service provider currently operates in more than 25 markets worldwide and strengthened its presence in Asia earlier this year with the appointment of a CEO for the region to grow its business in Hong Kong and in Singapore. The company is also driving growth in other regions, including most notably in the Middle East with a new location in Abu Dhabi.
"This financing represents a significant milestone for SEBA Bank. It underlines that we have a solid foundation and supports our vision to become a leading global provider of new generation financial services, based on blockchain technology and on our comprehensive banking license. This funding will allow us to further develop our digital asset banking platform and strengthen our presence around the globe by attracting new talent." - Guido Bühler, CEO of SEBA Bank
The funding was led by a consortium of specialized blockchain and fintech investors, including Altive, Ordway Selections, Summer Capital, and DeFi Technologies. Alameda Research, a global quantitative cryptocurrency trading and liquidity services firm and closely associated with FTX, also participated in the funding round. The funding was significantly oversubscribed and demand far exceeded the initial funding target. Existing investors, including Julius Baer, increased their positions. No comment on valuation was made.
