Switzerland-based crypto broker financial services firm Bitcoin Suisse has raised CHF 45 million (~$48.6 million) in Series A, valuing the company at CHF 302.5 million (~$327 million).
The Series A, Bitcoin Suisse’s first-ever external financing round, was led by Roger Studer, former head of investment banking at Switzerland-based Bank Vontobel. Other participants in the round included private investors and strategic business partners.
Crypto Broker Bitcoin Suisse began the Series A in May at a pre-valuation of ~$283 million. At the time, ~$20.6 million was committed, led by Studer and his family office. Studer has now joined Bitcoin Suisse as a board member, along with former Credit Suisse banker Giles Keating.
Series A brings Crypto Broker Bitcoin Suisse total equity capital to CHF 100 million (~$108 million). “The proceeds from the capital increase will be used to scale our platforms and products, launch a new suite of crypto-financial and digital asset services, and seize opportunities to expand our international regulated footprint,” said Arthur Vayloyan, CEO of Bitcoin Suisse.
Founded in 2013, Bitcoin Suisse has previously said it aims to grow into a unicorn ($1 billion valuation) by 2025. The firm has been undergoing licensure procedures since October 2019 to become a Swiss bank. It also plans to go public at some point in 2022 or 2023.