Swiss Challenger Bank Neon Scores €4.6 Million Through Latest Investment Round to Finance Growth

Neon, a Switzerland-based challenger banking startup, announced on Wednesday it scored €4.6 million through its latest investment round, which was supported by the existing investors, including Backbone Ventures, TX Group, the Schwyzer Kantonalbank innovation foundation and the “Höhle der Löwen” investors Roland Brack and Bettina Hein and the new investors Helvetia Venture Fund, QoQa Services SA, and other private investors.

As previously reported, Neon describes itself as an account on smartphones. The company noted its “mobile without limits.”

Excessive fees, inflexible opening times, too much bureaucracy and complicated, slow apps. To us, it was clear: it can’t go on like that. That’s why we built neon.”

Neon also noted it is a transaction account for everyday finances. There are no base fees, free Mastercard. All on smartphones and 100% independent. The company further revealed one year after the solution went live, the 30,000 customer mark was exceeded. Neon positions itself as the Swiss solution for a mobile, inexpensive, and easy-to-use smartphone account. Speaking about the investment round, For Jörg Sandrock, CEO of neon, stated:

“The financing round confirms the path and goal. Existing and new investors are convinced of our potential. We are of course proud of that. It is also a great incentive to continue to work hard on our development in order to continue our growth and change the market.

Miklos Stanek, Founding Partner and Chairman of BackBone Ventures, then added:

“Neon is enthusiastic about its product. We firmly believe that neon will visibly change the banking behavior of the Swiss in the next 2-3 years. We look forward to accompanying neon on this path.” 

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