Why Swedish Bank SEB Backed the First Bitcoin Startup

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SEB Group, Skandinaviska Enskilda Banken

The investment bend of Sweden’s SEB Group has been investing in what it calls “deep technology” startups for over 20 years.

Since 1995, it has been investing in a far-reaching operation of startups by SEB Venture Capital, including government app Tink and post-trade bonds startup Information Mosaic. In 2010, CA Technologies purchased SEB investment Arcot for $200m, and in 2014, Cisco purchased SEB investment Tail-f for $175m.

But when it came to subsidy a initial bitcoin business, a group of 9 investors with an allocation of about $250m (2bn SEK) from SEB Group didn’t wish to rush a process.

Head of SEB Venture Capital, David Sonnek, concurred a investment is “purely financial”, though stressed a further of digital banking processor Coinify to a portfolio is about some-more than an exit strategy.

He told CoinDesk:

“This kind of height unequivocally unleashes a creation of us all, and that might be a many critical aspect.”

Growth strategy

That said, SEB will also be holding a bigger purpose during a startup as partial of a $4m investment, also participated in by SEED Invest Denmark

SEB’s investment manager Stefan Olofsson will offer on Coinify’s house of directors, and Filip Petersson is

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