Switzerland is becoming a global fintech center with a total of 220 incorporated fintech companies in the country, as of December 2017.
These startups raised a total of CHF 130 million in venture capital and an astonishing CHF 271.3 million through initial coin offerings (ICOs) in 2017, bringing the total amount raised to CHF 401.3 million, according to the IFZ Fintech Study 2018.
What follows are 12 of the best-funded fintech companies in Switzerland to date.
Avaloq, CHF 350 million
Avaloq provides digital and core banking software and a provider of software as a service (SaaS) and business process as a service (BPaaS) solutions for banks and wealth managers. The firm raised CHF 350 million in March 2017 from Warburg Pincus, bringing its valuation to more than 1 billion CHF. Avaloq also owns 10% of the Swiss Blockchain venture Metaco.
Tezos, CHF 221 million
Tezos is a new decentralized blockchain that governs itself by establishing a true digital commonwealth. It facilitates formal verification, a technique which mathematically proves the correctness of the code governing transactions and boosts the security of the most sensitive or financially weighted smart contracts. In July 2017, it raised CHF 221 million in the largest ever ICO up to that point, and with the increasing value of ETH now probably worth more then 1bio CHF. Later on Tezos got troubles, read about the Tezos issues here.
Bancor, US$156.6 million (CHF 155.1 million)
The Bancor Protocol is a new standard for cryptocurrencies called Smart Tokens, which are autonomously and continuously convertible to other tokens in the network at algorithmically calculated rates. The protocol utilizes “connector” modules, which hold balances of other ERC20 tokens within a smart contract. The startup raised US$156.6 in one of the largest ICO in June 2017.
Status, US$95 million (CHF 94.1 million)
Status is an interface to access the Ethereum network built for Android and iOS devices. Status essentially combines a messenger and a browser that allows everyday smartphone users to use decentralized applications. Status raised US$95 million in its ICO in June 2017.
SwissBorg, CHF 50 million
SwissBorg is a wealthtech startup offering Swiss-made crypto investment solutions. The company is developing a computer dashboard, a cryptocurrency exchange and a robo-advisor platform for cryptocurrency investment. It raised CHF 50 million in its ICO in January 2018.
Centralway, CHF 50 million
Centralway develops and provides a mobile banking smartphone application called Numbrs. Numbrs is a mobile-first banking app which enables users to intelligently track and predict spending. The platform claims over 1.5 million bank accounts managed through the app. Centralway has raised CHF 50 million in funding so far, according to Boudkov.
Wefox, US$33.5 million (CHF 33.1 million)
Wefox Group, formerly FinanceFox, is an insurtech startup founded in Switzerland in 2014. The group operates two businesses: Wefox, a platform that connects insurance companies to brokers, and ONE, a fully digital European insurance company. Wefox has offices in Zurich, Berlin, Vienna and Barcelona, and has raised US$33.5 million in funding so far.
Additiv, CHF 21 million
Additiv is a Zurich-based fintech startup that offers systems to help with the digitalization of banks, asset managers and insurers. Additiv’s key software product is Digital Finance Suite (DFS). The company has offices in Switzerland, Hong Kong and Singapore, and has raised CHF 21 million in funding to date.
Ethereum, US$18.4 million (CHF 18.2 million)
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Ether is the cryptocurrency whose blockchain is generated by the Ethereum platform. Ethereum raised US$18.4 million in its ICO in 2014.
Crypto Finance, CHF 16 million
Crypto Finance is a blockchain asset investment startup dedicated to providing investors safe and easy access to the rapidly growing cryptocurrency market. The startup provides blockchain-related services through its three divisions: Crypto Fund, Crypto Broker and Crypto Storage. Crypto Finance raised CHF 16 million in funding in December 2017 from investors that include billionaire and hedge fund pioneer Rainer-Marc Frey.
NetGuardians, CHF 14 million
NetGuardians is a leading regtech startup serving the financial services industry. Using smart behavioral analysis methods, NetGuardians has designed a technology that quickly identifies atypical activity, effectively controls data leaks, and alerts clients to potential internal fraud. NetGuardians launched its Asia Pacific headquarters in February 2018. The startup has raised CHF 14 million in funding so far, according to Finovate.
Advanon, CHF 13.9 million
Advanon is a leading invoice financing platform in Switzerland and Germany offering a simple and flexible way for businesses to get invoices financed by numerous investors. Founded in 2015 and based in Zurich, Advanon is an authorized financial intermediary. Advanon has raised CHF 13.9 million in funding so far: CHF 400K in a seed funding round in 2015, and a CHF 13.5 million Series A in 2017.
Ps: please note its not that easy to get accurate funding information for Swiss Fintechs, so in case any number here is wrong or we missed out a major Swiss Fintech Funding, then stay calm and simple let us know.
Featured picture via pixabay