Switzerland-based Crypto Bank SEBA Secures $22.5M In Series B Funding Round
SEBA, a cryptocurrency bank based in Switzerland has announced that it has successfully completed a Series B funding round. The round brought in a massive amount of funds from investors. According to an official press release of SEBA published on the 22nd of December, the digital assets firm has secured an amount of $22.5 million or 20 million Swiss francs in this fundraising round.
The names of the participants who took part in this fundraising round have, however, not been disclosed by the bank. According to the Chief Marketing Officer (CMO) of SEBA Sandra Frank Dudler, it is not in the policy of the bank to reveal details of investors who participated in the capital raise. That is why they have not unveiled their names.
But the bank said that all of the previous investors as well as new investors were from across Switzerland, Asia, and Europe. This successful capital raise became possible with their contribution. Summer Capital, an investment management firm based in Hong Kong, and BlackRiver Asset Management, a global investment firm based in Switzerland are some of the existing investors of the bank. However, it is not sure whether they were one of the participants of this funding round or not.
The Series B funding round which was in the plans of the firm since the month of January 2020 is the second stage of the firm’s fundraise and follows the first stage which took place in the month of September in 2018. In this stage, the digital assets bank had raised an amount of more than $103 million or 100 million Swiss francs. This round was backed by BlackRiver Asset Management and Summer Capital.
SEBA was planning on raising 100 million Swiss francs in this funding round as well but could not reach this milestone. However, it still managed to raise 20 million Swiss francs through this round. It is still successful funding round on the part of the cryptocurrency bank.
With this capital raise, the company intends to fuel its growth as it is planning on expanding its footprints to the markets of Asia as well as the Middle East. As the Chief Executive Officer (CEO) Guido Buehler said while commenting on this development:
“This [investment] will allow us to accelerate the strong growth SEBA Bank is delivering as we also plan to expand into new markets in Middle East and Asia and support U.S. institutional clients.”
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