Swedish banking company SEB, has announced that it has invested in a Danish blockchain payment service provider- Coinify.

According to Finextra.com, SEB has joined in a $4 million Series A funding round. The bank’s venture capital arm has joined in the round by Seed Capital Denmark, the largest early stage venture fund.

"Coinify has developed a unique platform for blockchain payments and fits perfectly in our portfolio of FinTech investments. We at SEB Venture Capital really look forward to contributing to Coinify’s future development," David Sonnek, head of SEB Venture Capital said, finextra reported.

Coinify claims to be the largest facilitator of blockchain payments in Europe. It supports more than 20 PSP’s and reaches out to more than 100,000 online businesses. Earlier in May this year, Nets, a payment processing firm entered into a partnership with Coinify establishing a ‘Blockchain Development Lab’ in order to identify business opportunities in the field of blockchain technology.

“The fact that our current investors are joined by a classic, yet very visionary bank dating back to 1856, sends a strong message to both the banking and the blockchain communities. We plan to use this investment to sustain our leading position in Europe and expand our blockchain payment and trade products into Asia,” Mark Højgaard, CEO of Coinify said.

Apart from this, Investment Manager at SEB Filip Petersson has been appointed deputy director in Coinify. The company has also welcomed Stefan Olofsson from SEB and Lars Andersen from Seed Capital to its board of directors. Seed Capital already invested in Coinify back in 2014, which was described as a multi-million dollar deal and the amount was not revealed, a Denmark media reported (loosely translated).

Coinify works to spread the use of digital currencies. With experience working in digital currencies since 2010, the Coinify team has strong backgrounds with decades of experience in software, e-commerce, and compliance.