The Helvetia Venture Fund holds a stake in neon. The fintech company provides the leading app-based Swiss banking solution, in which users can open a bank account and get a free Mastercard. neon is extremely convenient and offers low fees, particularly for international transactions, and attractive exchange rates. Unlike foreign challenger banks, neon issues accounts with a Swiss IBAN, which are also covered by the Swiss deposit protection scheme thanks to a cooperation with Hypothekarbank Lenzburg. Just one year after its launch, more than 30,000 customers are using the straightforward banking app.
This round of investments includes the new investors QoQa SA, Helvetia Venture Fund and other private investors, as well as existing investors TX Group, Backbone Ventures, the Innovation Foundation of the Schwyz Cantonal Bank and Business Angels.
First fintech investment by the Helvetia Venture Fund
Smile, the Swiss digital insurance solution from Helvetia, and neon presented Switzerland's first mobile bancassurance solution in early summer. They are currently looking at expanding their cooperation further. This potential for closer cooperation prompted the Helvetia Venture Fund to invest in the fintech market for the first time. "neon has an excellent product with impressive growth figures. The cooperation with neon gives Helvetia the opportunity to access new customers. We are also confident that neon will further develop the traditional Swiss banking market in the long term", explains Martin Tschopp, Chief Customer Officer at Helvetia Switzerland. Jörg Sandrock, CEO and co-founder of neon, adds: "We are delighted that Helvetia has placed its trust in neon. Insurance is set to become an important additional service as we expand our business model."
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