UBS has led a €10 million seed round in Swiss business finance startup Numarics.
Founded in 2020, Numaric's AI-powered platform combines software with human experts to give SMEs access to services often reserved for Big Four customers, eliminating the need to use different software for accounting, invoicing, document management and liquidity planning.
The investment was co-led by UBS through UBS Next, the firm’s venture and innovation unit, together with FiveT Fintech (formerly Avaloq Ventures) alongside previous investors Wingman Ventures and Seed X.
Numarics has raised €19.7M to date and employs 100 staff operating from nine offices across Switzerland. With 3000 customers signed up, the firm has made four acquisitions this year, including acquiring a&o kreston, one of the leading fiduciary companies in Switzerland.
The capital injection will be used to support Numarics growth through further M&A, expansion in the DACH region and further product development to offer a broader range of services.
Mike Dargan, group chief operations and technology officer at UBS, comments: “Through UBS Next, we look to invest in companies that will help shape the future of banking to meet our clients’ evolving needs. This investment will support Numarics’ growth efforts and expansion of new and existing products for SMEs, an important client base for our firm in the region.”