Credit Suisse is looking to strengthen Switzerland's position as a financial technology hub by earmarking CHF30 million ($31.7m) in venture capital for investment in local fintech startups.
The money will be funnelled to fintech outfits through a unit called SVC Ltd, which was set up by Credit Suisse in 2010 to provide venture capital to Swiss SMEs. So far, SVC has pumped around CHF 110 million into 44 companies from various industries but now Credit Suisse wants to target the fintech sector.
To do this, it has committed the CHF30 million specifically to firms developing and commercialising digital innovations in finance. Investments will be made by a special fintech committee and will go to companies that are either domiciled in Switzerland or have a clear connection with the country.
Didier Denat, chairman, SVC Ltd, says: "The additional CHF30 million in investment capital is a clear signal of SVC Ltd.'s support for Switzerland as a fintech hub. At the same time, our commitment allows us to connect with innovative companies offering solutions that might be of interest to us as a bank or to our clients."