Swiss-headquartered SEBA Bank has raised SFr110m ($119.7m) in funding from investors including Julius Baer to spur international growth across Asia and the Middle East.
Founded in April 2018, the Zug-based SEBA Bank received a Swiss banking and securities dealers' licence in August 2019 and in September 2021 it received the CISA licence allowed it to offer institutional-grade custodian services to Swiss-native "collective investment schemes", making it the first institution in the country to gain such a license.
The financing round by the fully integrated, FINMA licensed digital assets banking platform was co-led by a consortium of specialized blockchain and fintech investors, including Altive, Ordway Selections, and Summer Capital, as well as DeFi Technologies, a NEO listed leader in decentralized finance.
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."
Alameda Research, a global cryptocurrency quantitative trading firm and liquidity provider, as well as core partner of FTX, also participated in the round.
It was significantly oversubscribed, the bank said, with existing investors, including Julius Baer, increasing their investment.
It said the funding will further accelerate the considerable growth that SEBA Bank has achieved over the past year.
The bank is currently supporting over 25 markets globally, having strengthened its presence in APAC earlier this year by appointing an APAC CEO to solidify its presence in Hong Kong and Singapore; along with other priority markets in the Middle East including a dedicated office in Abu Dhabi.
The company said it had also deepened its executive talent with a number of appointments to the senior leadership team and will further grow its headcount and expand into new markets.
Guido Buehler, CEO at SEBA Bank, said: "This funding represents a significant milestone for SEBA Bank, is a testament to our foundations, and confirms our vision of being a global leader in new generation finance, enabled by blockchain technology and our comprehensive banking license.
"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. This funding will allow us to further develop our digital asset banking platform and strengthen our presence in markets across the globe by attracting new talent."
Strategic backing comes from specialist fintech and blockchain investors, including:
Altive, a renowned alternative asset management company for technology, consumer and healthcare sectors, and part of a leading Asia-based private investment group with a successful track record of investment in blockchain companies.
Ordway Selections GmbH, the private investment firm of an established and highly-successful family office in Zug which deploys capital into blockchain and digital assets, health and wellness, and food and agricultural technology.
Summer Capital, a multi-strategy investment management company focused on fintech, healthcare, and technology.
DeFi Technologies, one of the first publicly listed (NEO) blockchain investment companies for traditional investors specializing in decentralized finance.
By leveraging the strategic expertise of these specialist partners, SEBA Bank said it would maintain its commitment to innovation and excellence in its digital asset banking and investment services.
Cheney Cheng, Managing Partner of Altive, said, "Given the global regulatory trend of digital assets, we envision that regulated crypto financial institutions like Swiss licensed SEBA Bank would become the cornerstone of the future finance."
Jonathan Ordway Fackelmayer, Chairman of Ordway Selections, said: "Ordway Selections identifies and invests into best-in-class digital assets and core blockchain infrastructure, such as SEBA Bank. We are delighted to be part of the "lead-investor" consortium alongside Altive and Summer Capital, who both hold a deep knowledge of financial services and technology applications. Our consortium believes SEBA Bank is uniquely positioned to respond to the needs of the ever growing and demanding pool of cryptocurrency investors worldwide."
Russell Starr, CEO of DeFi Technologies said: "We strive to be at the forefront of innovation in DeFi and blockchain and support the development of services in the digital asset industry which will form the backbone of the next iteration of our financial system. Our investment in SEBA Bank is both a testament to SEBA Bank's industry leading digital asset banking services and the importance of blockchain as a core technology in the future development of our financial system."