SEBA Crypto Bank Raises $ 120 Million in Series C Funding

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SEBA, the regulated Swiss-based crypto bank founded by former UBS employees, has raised 110 million Swiss francs (roughly $ 120 million) in a Series C funding round.

The cycle was co-led by a consortium of three investment firms Altive, Ordway Selections and Summer Capital and DeFi Technologies. Alameda Research and existing SEBA investor Julius Baer, ​​a Swiss private bank, also participated in the round, among other investors.

The new capital will help SEBA to expand internationally, increase its workforce and launch new products and services, the bank’s CEO Guido Buehler told The Block in an interview. Buehler was previously Head of Asset Services at UBS Wealth Management and founded SEBA in 2017 with Andreas Amschwand, former Global Head of Foreign Exchange at UBS, who left SEBA as President in 2020.

SEBA is currently present in more than 25 markets and is looking to expand into the United Arab Emirates, Hong Kong and Singapore. Regarding workforce expansion plans, Buehler said the bank plans to double the size of its current team to more than 100 over the next 12 to 18 months.

SEBA is an institution-driven crypto-bank that provides services such as custody, trading, lending, and investment management. Buehler said the bank is also exploring opportunities in the NFT market, such as loan and custody services, and the DeFi market, such as accessing authorized pools.

Earlier this month, SEBA was whitelisted by Fireblocks to participate in Aave’s Authorized Arc Protocol. The bank is now seeking to become a whitelist of Aave Arc to integrate its customers.

Buehler said SEBA’s business has grown significantly over the past year, with an almost ten-fold increase in revenue and three-fold growth in the customer base. He declined to share absolute numbers, but said the bank was not yet profitable.

Buehler also declined to share SEBA’s assessment. Last week, SEBA rival Sygnum raised $ 90 million in a Series B funding round at a post-money valuation of $ 800 million.

The Series C cycle brings SEBA’s total funding to date to around $ 295 million, Buehler said, adding that the cycle was almost 100% oversubscribed.

2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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