Swiss crypto bank SEBA raises CHF 20 million in Series B

The regulated cryptocurrency bank SEBA announced the successful completion of its Series B funding round, through which it attracted CHF 20 million (~$22.5 million).

News: SEBA Bank today approved at its Extraordinary General Meeting the completion of its Series B capital increase to fuel accelerating growth.
See here the full media release: https://t.co/G7jBjmgAca pic.twitter.com/YLlMiEG39m

— SEBA Bank AG (@WeAreSEBA) December 22, 2020

According to the statement, the round included both existing and new investors, although SEBA did not disclose the names of the latter.

The funds will be deployed to accelerate the growth strategy. This includes expanding the product and service range, broadening lending capabilities for clients, and extending the existing hub in Switzerland into new markets.

SEBA’s representatives also said they intend to tokenise the shares from the latest financing round once Switzerland implements the legal framework for regulating blockchain technology. Notably, its formal absence did not hinder a competitor, Sygnum Bank, from tokenising its own shares earlier this month.

Founded in 2018 by former UBS staff as SEBA Crypto AG, the startup attracted CHF 100 million to launch the crypto bank. In August 2019 the company obtained a banking licence from the Swiss Financial Market Supervisory Authority (FINMA), and SEBA Bank AG began operating in November of that year.

Beyond Switzerland, the organisation operates in Singapore, Hong Kong, the United Kingdom, Italy, Germany, France, Austria, Portugal and the Netherlands.

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