Global banking giant Credit Suisse has revealed that it is backing a Swiss fintech firm in Zurich which offers an innovative receivables financing solution that is designed for SMEs.
SVC-Ltd., the lender’s VC investment arm, has bought a majority stake in Tradeplus24. The start-up will use the new capital to further scale-up support and delivery of its automated lending solution.
Credit Suisse also plans to integrate Tradeplus24’s products in its own offering, which allows its clients to tap SMEs focused solution that offers a new simple way for companies to lend against their global accounts receivables. This could well serve as a new model of promoting start-ups and proving the viability of their business, the bank says.
Despite its strong presence in the finance sector, Switzerland has been slow off the mark in gaining entrepreneurial talent, especially in fintech. However, Zurich has recently launched several initiatives to offer an attractive destination for entrepreneurs by way of venture capital and investors that support new ideas.
Swissquote Joins oneZero EcoSystem to Bolster Liquidity OfferingGo to article >>
The Swiss efforts come as London’s status as a leading European technology hub, particularly for fintech, has come under the spotlight following the vote to leave the EU, with cities such as Zurich and Berlin having ambitions to become the new fintech capital of Europe.
Credit Suisse has backed the rollout of some digital technologies, including the use of blockchain to clear and settle financial trades. Many of those innovations have been realised in close co-operation with start-ups and a host of well-known companies including Ethereum.
Commenting on this, Andreas Gerber, Head of SME Business at Credit Suisse, said: “The Tradeplus24 lending product, perfectly builds upon our existing lending offering which allows us to reach out to our existing clients but also tap into new market segments.”
Ben James, CEO and co-founder of Tradeplus24, added: “At Tradeplus24 we have developed an innovative unique product that will help SME’s leverage their account receivables and grow their business. We are thrilled to have SVC-Ltd as a new Investor and very excited to exclusively offer Credit Suisse customers this great new product here in Switzerland.”