Web-based risk solutions vendor Swissrisk has completed its first round of financing totalling EUR5 million.
The financing round was led by TVM Techno Venture Management and included Allianz Venture Partners.
The new funding will be chiefly used to complete the development and rollout of the Swissrisk application service platform, says the company. The platform offers advisors and clients of large and medium sized banks interactive portfolio and risk management tools through online banking sites as well as proprietary channels.
John Chapman, partner at TVM, says: "The decision to invest in Swissrisk is based on our belief that personal financial advisory and wealth management tools will become of increasing, if not strategic, importance to financial institutions."
Swissrisk launched its service with UBS Warburg, Zurich early in 2001 and is in the process of going live with other large European banks. Strategic alliances with IBM and Standard & Poor's have also been signed.