When you think of Switzerland, a few things probably come to mind: The Alps, chocolate, fine watches, and banking privacy. And despite its global reputation for the latter, the presence of fintech firms isn’t as strong as you would think, especially given the country’s longstanding expertise in banking and finance. But this is rapidly changing as a new generation of Swiss firms are springing forward with products and services aimed squarely at banking and finance consumers in the digital age.
Since coming under scrutiny for its longstanding privacy protections—a tradition that made Switzerland into a leading global financial center—the economy hasn’t had quite the boost it used to have from the industry. These top 13 Swiss Fintech startups are set to reinvigorate the region’s banking and finance space in 2016 with their innovative offerings.
Swiss smartphone-based payment solutions are on the rise, especially with the merging of popular local offerings Twint and Paymit. CashSentinel is a promising fintech venture that offers a better, more secure way to pay with your smartphone—all that’s required is proper ID.
Platforms like Kickstarter and IndieGoGo may dominate the crowdfunding space, but recently a myriad of platforms have emerged to provide more specialized funding needs. investiere is one such offering that allows investors to finance promising startups with innovative ideas, as opposed to single products or projects. To be featured, companies must pass a rigorous vetting process—the few companies that qualify equate to roughly 1-2% out of 1000+ startups every year.
Effective debt management is crucial to maintaining a company’s financial well-being. SwissMetrics has developed a SaaS-based platform to help companies monitor credit risk and minimize debt.
The internet may have connected the world, but global citizens still disconnected on various fronts—including language and currency. When it comes to the latter, international commerce is still problematic; Monetas’ advanced transaction platform and cryptocurrency app lets users transfer money and convert currency without needing to visit the bank.
Many an investor or trader have seen their portfolios tank due to risky investment or sales. Tradegear offers assistance and guidance to prevent this, while at the same time allowing investors to stay in full control. Its suite of apps allow users to quickly respond to investment advice or buy/sell during peak intervals.
Not all students who get accepted into prestigious universities have enough money to actually enroll; additionally, traditional banks are often hesitant in lending support to a person’s educational endeavors. Splendit enables smart, university-bound students to receive alternative forms of funding while at the same time allowing investors receive a proper return. Now anyone can help finance someone’s educational future or even get financial support for their own academic aspirations.
Unfortunately, cyber crime and online fraud is now a prevalent fixture in our digitized economies. NetGuardians is helping to mitigate these digital age scourges with software for improving security and regulatory compliance.
Run my account is an automated online accounting service for SMEs: like a virtual accountant, its cloud-based accounting software helps to automate a company’s accounting processes, reducing the margin for error.
Sending money isn’t always as easy as it should be—a delay of a few minutes can mean significant fluctuations in associated fees. Monito (formerly known as TawiPay) helps users find better ways to send money abroad. The services displays all sending options available and informs you of any extra fees, prior to sending payment.
Wealthport develops AI-driven data solutions for integrating, analyzing, and making sense out of disparate data sources. Retailers can use the platform to map another company’s unique data schema to its own, reducing the time and effort needed to integrate new suppliers and partners.
Bitcoin and Ethereum are now the two most popular forms of cryptocurrency; in response, a myriad of software providers have developed platforms and tools for buying/selling them. Bity is one such offering that converts traditional money into cryptocurrencies and digital assets—in fact, Bitcoin ATMs are available in Geneva, Lausanne, and Montreux, thanks to its efforts.
Moneypark helps prospective and existing homebuyers compare mortgage options to ensure that they obtain best rates and terms. It even provides a service for tailored pension solutions to help users optimize their employment benefits.
Contovista aims to make banking a more pleasant experience through client-facing products and services that integrate with existing solutions. Its analytics engine translates unstructured financial data into meta-information enriched structured data; in turn, this data drives its Personal Finance Management and Business Analytics and Marketing apps. The data can also be used to build powerful custom applications for helping clients get the most out of their banking services.
The Swiss economy—fueled by local businesses and entrepreneurs seeking to reinvent themselves in the wake of the country’s difficulties—may soon be poised for a comeback as the country re-establishes its banking and finance reputation on the global stage. Be sure to keep an eye on these 13 Swiss fintech upstarts as they refine their offerings over the coming months and years.