Swiss digital asset bank Amina Bank, formerly known as Seba Bank, has announced a significant financial milestone for 2024, reporting a 69% year-over-year increase in revenue, reaching $40.4 million. The bank’s assets under management (AUM) also experienced a substantial rise, growing by 136% to $4.2 billion, fueled by strong institutional demand and strategic international expansion.
Amina Bank attributed this growth to its multi-jurisdictional presence, 24/7 trading capabilities, and a lending portfolio that has maintained a zero-default rate over five years. CEO Franz Bergmueller expressed pride in the team’s efforts, noting that the bank achieved quarterly profitability in Q4 2024, marking a pivotal milestone that validates its approach.
The bank added $801 million in net new assets during the year, with derivatives revenue increasing by 40%, reflecting heightened client interest in crypto-based risk management tools. Amina also invested in developing a proprietary digital platform aimed at serving business-to-consumer (B2C), business-to-business (B2B), and business-to-business-to-consumer (B2B2C) clients. The platform, expected to launch later this year, will feature API-based infrastructure to accommodate growing market demand.
Chief Financial Officer Mike Foy reported that the bank’s liquidity coverage ratio improved to 228% in 2024, up from 219% in 2023. Additionally, the Common Equity Tier 1 (CET1) capital ratio stands at 34%, more than double the regulatory requirement, despite an increase in risk-weighted assets due to expansion.
International operations contributed significantly to Amina’s revenue growth, with income from its Abu Dhabi branch rising by 150% year-over-year and Hong Kong operations experiencing a 570% increase. The bank plans to onboard 30 B2B2C partners by the end of 2025, up from nearly 20 currently.
Founded in 2019, Amina Bank 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). The bank rebranded from Seba Bank on December 1, 2023, to emphasize its commitment to integrating traditional finance with digital and crypto services.
In November 2023, Switzerland’s St. Galler Kantonalbank, one of the country’s largest banks, partnered with Amina (then Seba) to offer clients digital asset custody and brokerage services.
Amina Bank’s robust performance in 2024 underscores its strategic positioning in the evolving digital asset landscape and its commitment to providing comprehensive financial services in the crypto sector.
