Good framework for fintech
Switzerland offers good framework conditions, which are also reflected in international rankings. Since the first fintech hub ranking in 2017, Singapore has offered the best environment for fintech companies, and this lead was increased in 2022. Zurich and Geneva, home to the majority of Swiss fintech companies, together with Stockholm, form the first group of chasers, but with a significant gap to the leader from Southeast Asia.
The fintech market also shows a trend towards sustainability, with 7.3% of all Swiss fintech companies strategically focusing on sustainable products and services by the end of 2022. These companies mainly focus on solutions that support data and analytical insights for sustainability assessments in the financial sector, followed by so-called green fintech companies, most of which focus on mitigating climate change and its impacts.
Industry trends
After a decline of around five per cent in 2021, the Swiss fintech sector returned to its usual direction. In 2022, there were 437 companies in the sector, an increase of 14% compared to the previous year. The investment management and banking infrastructure product areas saw the largest growth, which is not surprising as most FinTech companies are active in these areas. In 2022, a total of 84 financing rounds were raised by Swiss fintechs in the industry. The total volume amounted to CHF 605 million. Although the number of rounds decreased slightly compared to the previous year, the amount invested increased by 36%.
Successful start-ups
There are many successful Swiss startups in the fintech space, so here are just a few that might pique your interest.
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Yokoy, is a company that uses artificial intelligence to provide finance departments of medium and large companies with all the information they need, bringing together all company expenses on a central platform and automating their processing. Whether it’s supplier invoices, fees or card settlements. Yokay was founded in 2019 and is currently based in Zurich.
Taurus, is an online platform for digital asset management, issuance, tokenisation and regulation. Using a digital infrastructure, it enables the digitisation and tokenisation of private assets and digital currencies. Its products also include the creation and management of tokenised assets, a blockchain explorer based on SaaS, crypto-staking and other functions. The company was founded in Geneva in 2018. Taurus has also been nominated in the top 5 of the 2023 Swiss Fintech Awards, in the “growth stage startups” category.
Altoo has also been nominated in this category as well. The Altoo Wealth Platform enables high net worth individuals and their families to easily manage and consolidate their entire wealth. The solutions go beyond data aggregation and reporting. The platform is a secure digital home, carefully designed to be easy to use on a daily basis, and to help you understand and manage the most complex aspects of your wealth. Altoo was founded in 2017 and is based in Zug. You can get in touch with Altoo here.
Swiss banks have confirmed the potential of financial ecosystems as a future business model. The Swiss financial centre is also moving in this direction. However, in order to realise this potential in the future, a broad adoption of common standards is required, involving not only the business and corporate community, but also policymakers.
