Amnis Treasury Takes Over SME Business of Fx-Consulting AGby Fintechnews Switzerland June 9, 2023
AMNIS Treasury, a FinTech company founded in 2014 with the objective of simplifying international banking for SMEs, has recently acquired the SME portfolio of FX-Consulting AG. With this strategic move, the two Zurich-based companies aim to enhance their support for Swiss SMEs in international transactions. The acquisition further solidifies amnis’ position as the leading FinTech company in Switzerland’s international SME banking sector.
Amnis offers small and medium-sized enterprises (SMEs) an international banking solution to send money abroad, exchange currencies and receive payments via business accounts in more than 20 currencies. Virtual and physical multi-currency debit cards further simplify expense reporting for companies and their employees. Last year, the company entered 6 new countries, tripled its team and processed CHF 1.5 billion in payment volume. In the first trimester of 2023, amnis continued to grow year-on-year with 94% volume growth and 97% revenue growth. The portfolio acquisition now enables amnis to further expand its position in the domestic market.
Cross-border payment transactions incur high costs for companies. Large corporations, equipped with their own payment factories, gain a competitive edge due to their greater negotiating power. The shared objective of both companies is to provide SMEs with access to transparent and automated foreign exchange and payment processes. However, FinTechs face challenges due to factors such as war, inflation, and rising interest rates, which exert pressure on them. Through the takeover, FX-Consulting AG’s SME customers can be guaranteed the best possible offer despite the current market environment.
FX-Consulting AG was founded in 1995 in Zurich and specialises in foreign exchange trading for companies. Adrian Spörri, owner of FX-Consulting AG, says about the takeover:
“The merger with amnis represents the optimal solution for my long-standing, loyal clients. With this collaboration, we can ensure the provision of the best possible offerings and maintain competitiveness without depending on the goodwill of the house bank.”
As a member of the Advisory Board at amnis, Adrian Spörri will continue to be available to his clients.
“We look forward to working with Adrian and the new SME customers. Our solution will enable the additional users to further simplify their international banking. The partnership with FX-Consulting AG may well be a model for amnis to grow even faster in Switzerland and Europe,” says Michael Wüst, Co-founder and CEO of amnis.
Amnis was founded in 2014 by Michael Wüst (CEO), Robert Bloch (COO) and Philippe Christen (CFO) to simplify international banking for SMEs. To meet its ambitious goals, amnis has continuously improved its core product, automated the digital account opening process and expanded its product portfolio to include local IBAN and multi-currency accounts.
In July 2023, the Fintech company will be launching virtual and physical multi-currency debit cards that come with convenient features for budget controls and simplified accounting. With the successful acquisition, all customers of FX-Consulting AG can now enjoy the advantages of the all-in-one amnis business account.
Featured image credit: Edited from amnis.