Crypto Bank Raises Money for Foreign Expansion
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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.
Questions & Answers
Q.How much money did Seba raise in this funding round?
How much money did Seba raise in this funding round?
Seba raised 110 million Swiss francs, which converts to approximately $118 million. This funding round was significantly oversubscribed, indicating strong investor interest in the crypto bank's expansion plans.
Q.What is Seba planning to do with the funds it has raised?
What is Seba planning to do with the funds it has raised?
Seba intends to use the newly acquired funds to continue its hiring efforts and to expand into new markets. This move is part of their strategy to fuel growth outside of Switzerland, where they are currently based.
Q.Which investors participated in Seba's latest funding round?
Which investors participated in Seba's latest funding round?
Investors in this funding round included Altive, Ordway Selections, Summer Capital, DeFi Technologies, Alameda Research, and Julius Baer. Both new and existing investors contributed to the significantly oversubscribed round.
Q.How long ago did Seba and its rival Sygnum receive their licences in Switzerland?
How long ago did Seba and its rival Sygnum receive their licences in Switzerland?
Seba and its rival, Sygnum, both received their licenses in Switzerland 28 months ago. This information was mentioned shortly after details of Sygnum's recent Asia-focused fundraising were provided.
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