Crypto Bank Raises Money for Foreign Expansion

Seba is raising nearly $120 million, in a bid to fuel its expansion outside of Switzerland. Zug-based Seba raised 110 million Swiss francs ($118 million) from a host of new and existing investors, it said in a statement on Wednesday. The round was significantly oversubscribed, with demand far exceeding the initial funding target, the fledgling bank said. It didn’t disclose a valuation of itself, as rivals have done.

Seba said it will use the funds to keep hiring and to expand into new markets. Investors in this round included Altive, Ordway Selections, Summer Capital, DeFi Technologies, Alameda Research, and Julius Baer.

This comes just days after rival Sygnum raised $90 million in Asia-focused fundraising. The two banks were both granted licenses in Switzerland 28 months ago.