According to a press release, SEBA Bank has successfully closed a series B funding round. All existing investors participated in the round. Furthermore, the cryptocurrency bank gained new investors from Europe and Asia.
Sandra Frank Dudler, Chief Marketing Officer at SEBA Bank, confirmed to Café Europe. Textagentur GmbH that the bank raised a total of 20 million Swiss francs in the funding round. According to the press release, the bank “will tokeni[z]e its shares of the Series B fundraising soon after the blockchain law will come into force in Switzerland.”
SEBA Bank, established in 2018, received a banking license last year from the Swiss Financial Market Supervisory Authority (FINMA). It provides financial products and bank services from the traditional and digital spheres. The bank, which is based in Zug, hopes to use the money to drive growth in 2021, focusing on the development of credit and derivative transactions as well as the further development of their products and services. As CEO Guido Bühler explains in the press release, the company also plans to expand into Asia and the Middle East. Service will additionally be provided to institutional customers from the USA.
According to Frank Dudler, the bank sees strong interest in their products and services from asset managers, institutional investors, and pension funds as well as from banks and family offices. He further adds that these segments have recognized digital assets as an asset class and are now ready to invest in this area. Frank Dudler goes on to say that this development shows that SEBA Bank is now “an established player, forming the bridge between the old world and the new world of digital assets.”