Credit Suisse Provides Venture Capital of CHF 30 million for Swiss Fintechsby Company Announcement March 14, 2018
Since “SVC – Ltd. for Risk Capital for SMEs” was founded in 2010, Credit Suisse has provided venture capital of approximately CHF 100 million to a total of 44 companies.
Credit Suisse has now decided to provide an additional CHF 30 million in venture capital, to be used specifically for investing in Swiss fintechs.
With this new area of investment for SVC Ltd., Credit Suisse aims to make a further contribution to promoting Switzerland as a fintech hub and strengthening the country’s position as a center for business and employment.
“SVC – Ltd. for Risk Capital for Swiss SMEs” was created by Credit Suisse eight years ago with a total venture capital of CHF 100 million with the aim of supporting Swiss SMEs as well as strengthening Switzerland’s role as a center for business and employment.
To date, around CHF 110 million has been invested in 44 companies – with some of these investments have already been successfully sold again at a profit.
While investing in SMEs from the financial services sector had not been envisaged until now, a new investment cluster for fintechs is to be created with the provision of an additional CHF 30 million in venture capital. Here, the focus is on companies that develop and commercialize digital innovations in finance.
Support is offered to fintechs that are either domiciled in Switzerland or have a clear connection with the country. Investments are decided by a specifically constituted Fintech Investment Committee.
Didier Denat, Chairman of the Board of Directors of SVC – Ltd. for Risk Capital for SMEs and Head of Corporate & Investment Banking at Credit Suisse (Switzerland) Ltd.:
“As the leading bank for entrepreneurs, one of our key objectives is to strengthen and promote Switzerland’s role as a center for business and employment through various measures. These measures include the provision of venture capital for SMEs with growth potential.
The additional CHF 30 million in investment capital is a clear signal of SVC Ltd.’s support for Switzerland as a fintech hub. At the same time, our commitment allows us to connect with innovative companies offering solutions that might be of interest to us as a bank or to our clients.”
Featured image via Credit Suisse Facebook page