In Brief:
- SEBA bank has raised CHF 110 million in the Series C funding round.
- The fresh capital will be used to fuel expansion in APAC and the middle east to drive institutional growth.
SEBA, a Swiss digital assets banking platform, announced that it has secured a successful Series C funding round. The financing round raised CHF 110 million (Swiss franc), or $119 million U.S. dollars.
Specialized blockchain and finTech investors that participated in the round included Altive, Summer Capital, Ordway Selections, as well as DeFi Technologies. Cryptocurrency exchange FTX, along with Alameda Research, a quantitative digital currency trading firm, also emerged as notable investors in the round.
The bank plans to use the funds to accelerate international growth and boost demand from institutional investors in the crypto industry. As per its blog post, The capital will fuel expansion in the middle east and APAC to drive institutional growth via investment in product offering and technology.
SEBA is currently present in over 25 markets and is looking to expand in the UAE, Singapore and Hong Kong. The Bank’s CEO Guido Buehler said that it plans on expanding team size to over 100 in the next 12 to 18 months.
Though Buehler has not yet disclosed SEBA’s valuation, he mentioned that the Series C round brought in around $295 million to date, and the round was oversubscribed by almost 100%. He further added that the funding is a huge step forward for the bank and a testament to our solid roots.
SEBA’s business has grown considerably over the past year, and it has been actively working on expanding its reach. Most recently, SEBA has submitted a proposal to Aave for adding SEBA bank as a whitelister to Aave Arc.
