Four years after the launch of the joint venture Yuh,
PostFinance has sold its 50 percent participation to Swissquote. This was a mutual decision by Swissquote and PostFinance. It will enable Yuh to continue its expansion strategy in a more efficient and targeted manner. For its part, PostFinance wants to focus on the core elements of its strategy and, in the current challenging market environment, boost the units within its own company that are generating the most impact for its customers.
Swissquote and PostFinance agreed that Swissquote will fully acquire the finance app Yuh.
It is the right time for all parties to take this step. PostFinance is handing over the reins of the company, which is led by CEO Markus Schwab, because it believes in Yuh’s strength, perseverance and potential, and sees the benefits of having one parent company. With a single partner, Yuh will be able to grow in a more efficient and focused way.
Beat Röthlisberger, CEO of PostFinance, says:
“At PostFinance, we’re extremely proud to be part of Yuh’s success story. It highlights our role as an innovator in Switzerland. Yuh has become the most popular finance app in Switzerland in record time, which is a fantastic achievement. With Swissquote’s backing, Yuh can continue its expansion strategy.”
The next step: sustainable growth
Marc Bürki, CEO of Swissquote, says:
“We remain committed to our longstanding, successful partnership with PostFinance. Today’s move enables us to integrate Yuh into our overall service in the most beneficial way.”
By acquiring Yuh in full, Swissquote will be able to leverage synergies between the two companies even more effectively and offer a wide range of services for all target and age groups.
Yuh CEO Markus Schwab says:
“I would like to thank PostFinance for supporting and helping to shape Yuh’s vision right from day one, as this has played a significant role in our success. Full acquisition by Swissquote is the next logical step and will enable us to continue growing.”
The transaction places Yuh’s full value at 180 million CHF. Swissquote has paid part of the purchase price to PostFinance in the form of treasury shares, increasing PostFinance’s previous 5 percent share in Swissquote.
The sale of Yuh will enable PostFinance to focus even more strongly on its strategy. It is prioritizing its customers’ needs and satisfaction and planning to concentrate on its core business – especially in the current challenging market environment.
Featured image: Edited by Fintech News Switzerland, based on image by drobotdean via Freepik
