Neon bank recently completed two financing rounds. The larger haul of cash came from crowdfunding from its users.
Smartphone bank Neon raised 11 million francs in two financing rounds recently. In September, institutional investors poured 2.5 million francs into the company. In October, a crowdfunding round with a haul of 8.6 million francs was successfully completed, the Zurich-based bank said Wednesday.
Around 5,000 crowd investors invested in the bank, and in turn will receive Neon shares in the form of tokenized participation certificates.
«We are therefore building on the success of last year's financing round and can show an increased enterprise value despite the current uncertain market environment,» the bank wrote.
Expansion and Independence
The capital increase has two goals. One is product improvement and development, with the second to become independent of external capital through new products and achieving profitability.
Last year, the fintech company raised 7 million francs from backers like media group TX Group and financial players such as the innovation foundation of the Schwyzer Kantonalbank and the venture capital fund of Swiss insurer Helvetia.
The tokenization of participation certificates in cooperation with crypto bank Sygnum created the crowdfunding possibility.
Customer Base
Currently, more than 130,000 customers have a Neon account, making it the fastest-growing Swiss solution for a smartphone account.
