21 July 2018
Visit www.avoka.com

Credit Suisse to pump CHF30m into Swiss fintech startups

16 March 2018  |  8229 views  |  0 Zurich, Switzerland

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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Credit Suisse acquires stake in Singapore wealth aggregation startup Canopy

Credit Suisse acquires stake in Singapore wealth aggregation startup Canopy

14 December 2017  |  9538 views  |  0 comments | 5 tweets | 3 linkedin
Credit Suisse acquires majority stake in automated lender Tradeplus24

Credit Suisse acquires majority stake in automated lender Tradeplus24

29 November 2017  |  11648 views  |  1 comments | 4 tweets | 7 linkedin
Credit Suisse fintech fund invests in employee monitoring firm

Credit Suisse fintech fund invests in employee monitoring firm

31 August 2017  |  9350 views  |  0 comments | 3 tweets | 1 linkedin
Switzerland looks to ease rules for fintech firms

Switzerland looks to ease rules for fintech firms

02 November 2016  |  9422 views  |  0 comments | 21 tweets | 13 linkedin
Singapore and Switzerland forge fintech pact

Singapore and Switzerland forge fintech pact

13 September 2016  |  12308 views  |  0 comments | 25 tweets | 17 linkedin

Related company news

 

Related company information

Credit Suisse

Related blogs

Create a blog about this story (membership required)
Visit info.nice.comVisit iliad-solutions.com/Visit https://secure.vasco.com

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13416 views comments | 6 tweets | 8 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
11058 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
10025 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
7307 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
7101 views comments | 2 tweets | 7 linkedin

Featured job

Find your next job