2022’s Top 10 Fintech Deals in Switzerland

2022’s Top 10 Fintech Deals in Switzerland

by February 5, 2023

2022 was a blockbuster year for fintech funding in Switzerland. The year saw companies in the sector secure a total of US$1.4 billion, representing a 29% increase from 2021, new data from Fintech Global, a fintech information and data provider, show.

The trend is in contrast to what was observed globally in 2022 during which fintech funding declined by 46% YoY as investors scaled back their investment pace amid slumping public markets, according to CB Insights data.

Although fintech funding in Switzerland increased in volume last year, the number of deals decreased by 7% to 138. This indicates that fintech rounds are becoming larger in size to support more mature companies in the growth stage.

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Looking at fintech funding by segment, Fintech Global data reveal that blockchain and cryptocurrency was the most active category in 2022, accounting for a third of all Swiss deals last year with 46 rounds. Wealthtech was the second most active subsector with a 17% share of total deals, followed by regtech with a 16% share.

The report also delves into the year’s top ten biggest funding rounds, revealing that these rounds cumulated a total of US$792 million. The sum represents more than half of all funding secured in the sector in 2022.

Today, we look at the top ten largest funding rounds closed in Switzerland last year, exploring how these companies are planning to use the money they received and what’s in store for the years onwards.

Acronis – US$250 million

Acronis

The largest fintech round recorded in Switzerland last year was Acronis’ US$250 million round. The round, which valued the company at more than US$3.5 billion, is meant for Acronis to expand its business, including through acquisitions and hiring.

Founded in Singapore in 2003 and incorporated in Switzerland five years later, Acronis delivers cyber protection for data, applications, and systems. The company says it serves more than 5.5 million home users and 500,000 companies, including 100% of the Fortune 1,000.

Velas Network – US$135 million

Velas Network

Blockchain ecosystem Velas Network secured the second largest fintech deal of 2022, raising US$135 million in September. The financing facility, which came from digital asset investment firm GEM Digital, is meant for Velas Network to expand its ecosystem growth and help to ensure that its cutting-edge blockchain is more effective, sustainable, and accessible than ever before.

Launched in 2019, Velas Network is an Ethereum virtual machine (EVM) blockchain and open-source platform for decentralized projects and applications.

SEBA Bank – US$120 million

SEBA Bank

Digital assets bank SEBA Bank raised the third largest round of 2022, securing a CHF 110 million (US$120 million) Series C in January to further accelerate the considerable growth the company had achieved the prior year and drive international expansion.

Established in 2018, SEBA Bank is a fully integrated, licensed digital assets banking platform. The company offers a fully universal suite of regulated banking services in the emerging digital economy, as well as crypto trading and custody.

Sygnum – US$90 million

Sygnum

Digital asset technology group Sygnum secured the fourth largest round of 2022, raising a US$90 million Series B in funding round in January. The round, which gave Sygnum a post-money valuation of US$800 million, will be used to accelerate the company’s development of new institutional-grade Web 3.0 offerings and expand to new markets, Sygnum said in a release.

Founded in 2017, Sygnum is a digital asset bank and a digital asset specialist, providing institutional and private qualified investors, corporates, banks, and other financial institutions with digital asset custody and fiat rails, spot and options trading, cryptocurrency-backed fiat loans, digital asset-focused asset management products, asset tokenization solutions and business-to-business (B2B) banking products.

Yokoy – US$80 million

Yokoy

Yokoy, a company that provides a spend management platform for businesses, secured the fifth largest rounds of 2022, raising a US$80 million Series B in March. The company said the proceeds will be used to further expand into Europe and beyond, increase hiring, and enhance the technologies underpinning its platform.

Founded in Switzerland in 2019, Yokoy offers an all-in-one spend management solution automating the expense, invoice and credit card processes of medium and big firms.

Portofino Technologies – US$50 million

Portofino Technologies

Portofino Technologies, another crypto startup, closed the sixth biggest round of 2022, raising US$50 million in September.

Established in 2021, Portofino Technologies builds high-frequency trading grade technology for digital assets. The company provides liquidity on centralized and decentralized cryptocurrency exchanges and provides services to institutions and Web 3.0 projects that require digital asset liquidity. It claims it has traded billions of dollars across cryptocurrency exchanges to date.

GRNGrid – US$50 million

GRNGrid

Blockchain project GRNGrid raised US$50 million from GEM Digital in September – the seventh biggest round of 2022. The proceeds will be invested in further connectivity with top crypto exchanges, adding new global professional partnerships, and building out the blockchain technology and infrastructure, the organization said.

GRNGrid is an environmentally friendly, scalable and stable layer-1 blockchain tailored to decentralized finance (DeFi). Users in the network have the option to only use nodes that run exclusively on renewable energy for their transactions.

21.co – US$25 million

21co

Crypto investment product firm 21.co, the parent of 21Shares, said in September that it had raised US$25 million to drive growth, expand to new markets and for strategic talent acquisition. The round valued the company at US$2 billion and turned it into Switzerland’s most valuable crypto unicorn, 21.co said.

Launched in 2018, 21.co is a collection of companies, the largest of which is 21Shares, the world’s largest issuer of cryptocurrency exchange traded products (ETPs), in addition to Amun, a token provider focused on DeFi.

Ledgy – US$22 million

Ledgy

Ledgy, an equity management platform for startups, secured a US$22 million Series B funding round in September – the ninth largest round of the year. The company said it would use to hire top-class talent, increase the pace of product and feature development, and solidify its market presence in Europe.

Founded in 2017, Ledgy is an equity management software built for high-growth startups to manage their equity. Companies can easily manage employee participation plans, funding rounds, and investor relations. Ledgy says it serves more than 2,500 companies in over 45 countries.

Alpian – US$20 million

Alpian

Finally, Alpian, a digital private bank, closed the tenth largest rounds of 2022, raising in April a US$20 million Series B+ round. The company said it would use the proceeds to deploy its range of services in Switzerland, comprising both private- and online banking services.

Founded in 2019, Alpian is Switzerland’s first-ever digital private bank. The company targets the country’s affluent demographic, providing them with banking and investment services in a hassle-free mobile app.