Digital financial advisor Selma Finance extends its Series A funding round with an additional CHF 7 million led by TX Ventures, VC arm of Swiss media company TX Group, bringing its Series A round to a total of CHF 10 million.
Sparrow Ventures, the VC arm of Migros Group, as well as other existing investors also participated in the round.
Selma said that it had used the initial CHF 3 million Series A funding to triple client numbers to over 10,000 clients across Switzerland and double its headcount.
The additional funding will allow the company to localise its services to the French-speaking region of Switzerland and to continue evolving its product offering. For example, Selma Finance plans to not only offer automated financial advice but also access to financial planning done by experts.
Selma aims to build trust through individual assistance with the “Selma bot” which creates tailored investment plans with algorithms, and via their support team which advises clients to invest according to their financial situation and suitable risk level.
“Selma’s clear competitive advantage of making financial advice simple, friendly and accessible allows the company to thrive even in the current difficult economic environment.
Impressive growth and more than 10.000 of happy customers are a clear proof of it,”
said Krzysztof Bialkowski, Investment Director, TX Ventures.
“Selma Finance has shown tremendous traction since Sparrow Ventures first invested 18 months ago.
It was therefore an easy decision to support the team with another investment to make digital investment services accessible to the people in Switzerland,”
said Yan Waldmeyer, Senior Investment Manager, Sparrow Ventures.
