Swiss crypto bank SEBA has raised $120 million in a Series C funding round.
SEBA is looking to expand internationally
The Swiss-based regulated crypto bank, founded by former UBS employees, has raised 110 million Swiss francs (about $120 million) in a Series C funding round. The round was led by a consortium of three investment firms Altive, Ordway Selections, Summer Capital – and DeFi Technologies. Among other investors, Alameda Research and SEBA, previous investor Julius Baer, a Swiss private bank, also participated in the round.
The Series C round brings SEBA ‘s total funding to about $295 million, though the bank did not disclose valuation details. The fresh capital will help SEBA expand internationally, increase headcount and introduce new products and services. SEBA currently operates in more than 25 markets and is looking to expand in the United Arab Emirates, Hong Kong, and Singapore. The bank is also looking to double its current team of over 100 employees in 12 to 18 months.
What is SEBA?
SEBA is an institutional investor-focused crypto bank that offers custody, trading, lending, and investment management services. Some institutional investors tend to avoid DeFi and some of its risks. SEBA has positioned itself as an intermediary between investors and this new financial system. Other opportunities the bank is currently exploring are the NFT market, such as lending and custodial services and other opportunities in DeFi.
SEBA’s business has grown significantly in the past year, with revenues increasing nearly tenfold and its customer base tripling. Earlier this month, SEBA was whitelisted by Fireblocks to participate in the Aave-approved Protocol Arc. It is now seeking to be whitelisted by Aave Arc to bring its customers on board.