A Swiss-based fintech is eyeing an international expansion after securing a whopping $120 million in its latest funding round. A major Swiss bank was among the backers.
Tradeplus24, a two-year-old Zurich-based fintech, concluded a funding round in Switzerland in which it took in 120 million Swiss francs ($119.7 million), the company said in a statement on Friday. The start-up offers a cheaper solution for small- and mid-sized firms to insure their account receivables against default and raise a secured credit line.
TP24 had already won weighty backers in a first financing round including Credit Suisse and insurance broker Kessler. In the most recent round, SIX's venture fund as well as Germany's Berliner Volksbank stumped up.
Access to CS Clients
Credit Suisse reinforced its initial investment, as well as several renowned angel investors, TP24 said. The Swiss bank has begun offering the fintech's services to its roster of small- and mid-sized clients, as has private investment specialist Ruvercap.
CEO Ben James said TP24 will use the injection to more intensively cultivate the Swiss market, as well as to expand internationally.
