Swiss crypto bank AMINA Bank AG, formerly SEBA Bank AG, reported record financial results for 2024, with revenue climbing 69% year-over-year to $40.4 million.
The bank also saw its assets under management (AUM) rise by 136% to $4.2 billion, driven by institutional demand and strategic expansion, according to a May 28 news release.
The Zurich-based bank credited the growth to its multi-jurisdictional footprint, 24/7 trading capabilities and a lending book that has maintained zero defaults over five years.
“I’m incredibly proud of our team’s tenacity and focus, which led to quarterly profitability in Q4 2024, a pivotal milestone that confirms the value of our approach,” CEO Franz Bergmueller said.
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AMINA adds $801M in assets in 2024
During the year, AMINA added $801 million in net new assets. Revenue from derivatives increased by 40%, reflecting increased interest from clients seeking crypto-based risk-management tools.
The bank also said it invested in building a proprietary digital platform last year, aiming to serve business-to-consumer (B2C), business-to-business (B2B) and business-to-business-to-consumer (B2B2C) clients.
The system, expected to launch later this year, will feature API-based infrastructure to handle increasing demand across markets.
Mike Foy, chief financial officer at AMINA Bank, said the bank’s liquidity coverage ratio increased to 228% in 2024, up from 219% in 2023.
“In addition, our CET1 capital ratio, which compares a bank’s capital against its risk-weighted assets, is more than double the regulatory requirement at 34%, despite an increase in risk-weighted assets as a result of our expansion,” Foy added.
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AMINA’s international revenue grows
AMINA also noted that its international revenue continues to increase, with income from its Abu Dhabi operations rising 150% year-over-year and Hong Kong posting 570% growth. The bank expects to onboard 30 B2B2C partners by the end of 2025, up from almost 20.
Founded in 2019, AMINA holds licenses from the Swiss Financial Market Supervisory Authority (FINMA), Abu Dhabi’s Financial Services Regulatory Authority (FSRA) and Hong Kong’s Securities and Futures Commission (SFC).
AMINA rebranded from SEBA Bank on Dec. 1, 2023, to highlight its shift toward integrating traditional finance with digital and crypto services.
In November 2023, Switzerland’s St.Galler Kantonalbank, one of the largest banks in the country, partnered with then-branded SEBA to offer its clients digital asset custody and brokerage services.
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