Neon, the Zurich «challenger» to traditional banks, snapped up $5 million in financing. What is it spending on?
The Swiss neobank Neon took in 5 million Swiss francs ($5 million) from existing investors including Swiss publisher Tamedia, it said on its blog on Monday. The start-up, which works with Swiss lender Hypothekarbank Lenzburg, also won funding from Backbone Ventures.
The Zurich-based challenger to the traditional banking industry said it will use the funds to expand its product offering. Specifically, Neon is focused on faster booking of card transactions or more user self-servicing. It also wants to emphasize its Swiss roots with the addition of e-billing for the domestic market.
