Tuesday, 21 September 2021 11:00 GMT

Switzerland- Can fintech start-up funding rebound from a lean year?

(MENAFN- Swissinfo)

The amount of venture capital invested in Swiss fintech start-ups took a tumble last year, just as they were talking up their potential to provide pandemic solutions. The fintech sector is doing its best to chalk this up as a temporary blip, so what are the prospects for 2021?

This content was published on February 18, 2021 - 01:00 February 18, 2021 - 01:00 Matthew Allen

When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.

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There have already been some notable fintech investments in the first couple of months of 2021. WealthArc and Selma Finance attracted CHF4 million and CHF3.5 million respectively. Abacus Research is investing 'several million' francs into neo bank Yapeal.

But this has been trumped by a double-digit million US dollar sum (exact figure not revealed) into Sygnum bank from Japan's SBI Digital Assets Holding (which entered into a strategic partnership with Sygnum last year). Sygnum says this latest cash injection brings the total capital raised in the last six months to $30 million.

It's early days yet, but what's missing are the mega-rounds of CHF100 million+ (also absent for the entirety of 2020 in the fintech sector). The CHF2 billion takeover of Swiss financial software provider Avaloq by Japan's NEC group last October counts as a change of ownership rather than new funding, but at least it demonstrated that Swiss fintech can be highly valued.




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