SEBA Bank Closes $119M Series C
- The funding round saw participation from notable investors such as Alameda Research, FTX exchange, DeFi Technologies, and others.
- SEBA now plans to fund its international expansion, invest in new products, and grow its team in “new priority markets”.
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Swiss-based crypto banking platform SEBA Bank has closed a 110 million Swiss franc (around $119 million) Series C funding round led by a consortium of specialized blockchain and fintech investors, the firm said in a press release on 12 January.
According to the announcement, the oversubscribed Series C saw participation from notable investors such as Alameda Research, DeFi Technologies, Altive, FTX, Ordway Selections, and Summer Capital. SEBA Bank provides its clients with crypto banking services, as well as crypto trading and custody for institutional investors. The CEO of SEBA Bank, Guido Buehler, said in a statement:.
“With the support of such a strong group of investors, offering depth and breadth across the domains of finance, fintech, and blockchain, SEBA Bank is privileged to access a wide range of new skills and capabilities to fast-forward our growth plans.”
The newly acquired funds will help with SEBA Bank’s international expansion, including in the Middle East, as well as drive its institutional business growth by further investing in its product offering and technology. Part of the $119 million will also be used to expand SEBA Bank’s team across “new priority markets”.
Ever since it was founded in 2018, SEBA Bank has been on the forefront of crypto innovation in Switzerland. It also became the first crypto-focused firm to receive the Swiss digital asset custody license from the Financial Market Supervisory Authority (FINMA), and a month later expanded its services to allow clients to earn yields from DeFi, BTC and ETH lending, and staking on PoS protocols. The company currently supports more than 25 markets globally.
- Unnamed sources have said that the company is currently in talks with interested parties to raise at least $100 million in a new funding round.
- The same people noted that Ledger had experienced growth in its business over the past months, as investors turn to cold storage.
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- The Series F round has more than doubled Chainalysis’ valuation since last year, which is not surprising considering it has increased its customer base by 75%.
- The company has claimed that its various tools are now responsible for monitoring around $1 trillion worth of transactions each month.
- KuCoin’s $150 million pre-Series B funding round was led by Jump Crypto, and increased the valuation of the company to $10 billion.
- KuCoin will use the funds to expand its product offerings, as well as build and invest into DeFi, GameFi, NFT, and crypto wallet platforms.