Postfinance, the banking arm of Swiss Post, has joined a Zurich-based fintech incubator. The company is looking to become a first mover in financial technology tools.
F10 probably is the most often mentioned fintech incubator and accelerator in Zurich. It has now received its latest corporate member in Postfinance, the banking unit of the state-owned postal service.
F10, which had been launched by SIX, the stock exchange operator, has a large number of prominent Swiss companies signed up, for instance Baloise and Generali as insurers, Julius Baer, Raiffeisen and Zuercher Kantonalbank from the banking industry, consultants PwC and Capgemini as well as Eny Finance and ERI Bancaire.
Postfinance has recently struggled with declining profits due to a squeeze on its margins. It is looking to enhance its technological know-how to boost earnings.
