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Swiss crypto-bank SEBA has just raised $22.5 million as part of its Series B funding round. Regulated by the Swiss supervisory authority, SEBA Bank now plans to expand internationally.
Major Investment for the Swiss Bank
Swiss-based crypto-bank SEBA has just raised $22.5 million additional part of its Series B funding round. According to SEBA bank, the new funding round included new investors from Switzerland, Europe, and Asia. However, the crypto bank did not provide a list of the investors that took part in the investment.
These funds are in addition to the $103 million raised by the crypto bank in September 2018. Summer Capital and BlackRiver Asset Management led that round of investment. SEBA Bank intends to use the newly injected funds to expand beyond Switzerland and offer global financial services. The bank will also tokenize all its Series B shares when the Swiss blockchain legislation comes into law in 2021.
Guido Bühler, CEO of SEBA Bank, revealed his delight in the firm’s latest round of funding. He further stated that the investment would enable the bank to increase its presence in new markets.
“This support will allow us to accelerate the strong growth of SEBA Bank, as we also plan to expand into new markets in the Middle East and Asia and support US institutional clients,” he said.
Initially, SEBA Bank was looking to raise $112 million from its second fundraiser, a target that was only met by 25%. The fact that the series B financing is less than that of series A is rather curious. In general, the total value of investments increases with each stage, showing that the business is growing as planned. Investors may consider that SEBA Bank raised too much money in its first cycle, without meeting their expectations.
SEBA Bank offers its clients cryptocurrency trading and custody services, a feature adopted by many local banks. It should also be noted that SEBA Bank is part of the list of 8 candidates selected by the French Central Bank for the experiments on the digital euro.