Today SEBA Bank, the Swiss regulated digital asset bank, announced it raised a CHF 110 million ($120m) Series C funding. What a difference a year makes. In December 2020, it announced a CHF20 million Series B after it had targeted a CHF 100m, following a Series A of the higher amount. Swiss private bank Julius Baer, one of Switzerland’s top five banks, participated in the bank’s Series A round and was also an investor in the Series C.
The funding was led by blockchain and fintech specialists, Altive, Ordway Selections, Summer Capital and DeFi Technologies, which contributed CHF 25m. Another participant was Alameda Research, the cryptocurrency quant trading firm co-founded by FTX CEO Sam Bankman-Fried.
“This funding will allow us to further develop our digital asset banking platform and strengthen our presence in markets across the globe by attracting new talent,” said Guido Buehler, CEO at SEBA Bank.
The company has expanded beyond its Swiss base supporting 25 markets with a physical presence in Hong Kong, Singapore and Abu Dhabi.
“Given the global regulatory trend of digital assets, we envision that regulated crypto financial institutions like Swiss licensed SEBA Bank would become the cornerstone of the future finance,” said Cheney Cheng, Managing Partner of Altive.
In October last year, SEBA announced SEBA Earn to provide access to permissioned decentralized finance (DeFi) as well as staking services and cryptocurrency lending.
Last week, fellow Swiss digital asset bank Sygnum announced a $90 million funding.