Swiss crypto bank Amina Bank (formerly Seba Bank) announced record financial results for 2024, with revenue increasing by 69% year-on-year to $40.4 million.
According to a press release on May 28, the bank's assets under management (AUM) grew by 136% to $4.2 billion, primarily driven by institutional demand and strategic expansion.
The Zurich-based bank attributes its growth to its cross-jurisdictional business layout, 24-hour trading capabilities, and a loan business that has maintained zero defaults over the past five years.
Amina Bank CEO Franz Bergmueller stated, "I am incredibly proud of our team's resilience and focus, which enabled us to achieve quarterly profitability in the fourth quarter of 2024, a key milestone that confirms the value of our approach."
During the year, Amina added $801 million in net assets. Derivative income increased by 40%, reflecting growing client interest in cryptocurrency-based risk management tools.
The bank also mentioned that it invested in building a proprietary digital platform last year, aimed at serving business-to-consumer (B2C), business-to-business (B2B), and business-to-business-to-consumer (B2B2C) clients.
The system is expected to launch later this year and will utilize API-based infrastructure to meet the growing market demand.
Amina Bank CFO Mike Foy stated that the bank's liquidity coverage ratio improved to 228% in 2024, up from 219% in 2023.
Foy added, "Moreover, despite an increase in risk-weighted assets due to expansion, our Common Equity Tier 1 (CET1) capital ratio, which compares bank capital to its risk-weighted assets, remains more than twice the regulatory requirement at 34%."
Amina also noted that its international revenue continues to grow, with revenue from its Abu Dhabi operations increasing by 150% year-on-year and business in Hong Kong growing by 570%. The bank expects to add 30 B2B2C partners by the end of 2025, with nearly 20 already secured.
Founded in 2019, Amina holds licenses from the Swiss Financial Market Supervisory Authority (FINMA), the Abu Dhabi Financial Services Regulatory Authority (FSRA), and the Hong Kong Securities and Futures Commission (SFC).
Amina rebranded from SEBA Bank on December 1, 2023, to highlight its transition towards integrating traditional finance with digital and crypto services.
In November 2023, one of Switzerland's largest banks, St. Galler Kantonalbank, partnered with the then-Seba Bank to provide digital asset custody and brokerage services to its clients.
Related: Metaplanet issues $50 million in new bonds to purchase more Bitcoin (BTC)
Original article: “Swiss Crypto Bank Amina Achieves $40 Million Revenue in 2024, Crypto Asset Management Doubles”
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