Swiss FinTech company, Kaspar&, has successfully closed its CHF 2.5m seed-financing round, marking a significant milestone for the firm.
This round of funding included participation from Avaloq, a leader in wealth management technology based in Zurich, which has also acquired a minority stake in Kaspar&.
Founded in 2020 as a spin-off from the University of St. Gallen (HSG) and the Zurich Federal Institute of Technology (ETH), Kaspar& offers access to bank accounts, payment services, and a low-cost investment app. The firm’s innovative investment options include a save-as-you-spend solution that rounds up card payments and invests the difference in index funds and exchange-traded funds (ETFs), providing a simple entry point for consumers in Switzerland to start growing their wealth.
The new funding will be used to expand the capabilities of the Kaspar& investment app and integrate it with the Avaloq Core Platform. This integration will enable banks using the Avaloq platform in Switzerland to offer their clients more accessible investment opportunities.
Martin Greweldinger, Chief Executive Officer at Avaloq, said, “We are proud of our track record in innovation and our strong ecosystem of fintech partners. With our investment in Kaspar&, we recognize the company’s potential to revolutionize investment in the Swiss retail sector.
“Not only does Kaspar& provide consumers with automated, low-cost investment solutions, the app’s intuitive interface makes it easy for anyone to start investing. By fully integrating the app with our core banking system, we will support the growth journey of Kaspar& and enable financial institutions running on the Avaloq platform in Switzerland to offer their clients access to this innovative investment platform.”
The financing round, led by Avaloq, also saw participation from other minority investors, including Basellandschaftliche Kantonalbank (BLKB), as well as institutional investors and business angels. This investment is a crucial step for Kaspar& as it continues to grow.
Jan-Philip Schade, Co-Founder and Chief Executive Officer of Kaspar&, said, “Our strategic partnership with Avaloq opens a new chapter in our company’s history. This latest investment by a key player in the Swiss financial ecosystem confirms the potential of our platform while enabling us to continue the growth trajectory of Kaspar&.
“I believe that the integration of the Kaspar& app with Switzerland’s leading core banking system will play a major role in enhancing collaboration between banks and fintech partners. We look forward to growing our partnership with Avaloq over the long term and to helping financial institutions in Switzerland to expand their range of investment options for retail and mass-affluent clients.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
