Switzerland-based cryptocurrency SEBA raised 20 million Swiss francs (~$22.5 million) in Series B Funding. The crypto bank hasn’t disclosed any investors of the round, but the bank’s chief marketing officer, Sandra Frank Dudler, said “all existing key shareholders and new shareholders” from Switzerland, Europe, and Asia participated. The Swiss banking regulator FINMA was recently said to be uneasy about SEBA’s heavy backing from Asian investors, Finews reported in September, citing “two sources.” The financial regulator reportedly wanted SEBA to ensure it gets as much as half of an upcoming funding round from Switzerland investors.
SEBA is looking to expand domestically and internationally.
According to the official announcement, Seba bank secured equity capital, which will further strengthen its capital base. According to the crypto bank, this new equity will allow to expand the product and service offering, increase SEBA Bank’s lending capacity for clients, and start leveraging the established hub in Switzerland into new markets. The Swiss crypto bank will tokenize its shares of the Series B fundraising soon after the blockchain law will come into force in Switzerland.
Swiss crypto bank supports five major cryptocurrencies.
The Switzerland-based crypto bank also offers SEBAwallet app, e-banking services, and SEBA card facilities that support five major cryptocurrencies, including bitcoin, ether, Stellar, Litecoin, and Ether Classic. The crypto bank provides investors with both crypto to crypto and crypto to fiat conversion services. SEBA rival Sygnum also received a banking license from the Financial Market Supervisory Authority (FINMA) back in August 2019. The bank is also looking to get a banking license in Singapore. Earlier this year, SEBA announced its plans to expand into nine other countries and raise around $95 million but the bank only raised $22.5 million in the Series B funding.
