Switzerland based Fintech neon Secures 7 Million CHF from TX Group, Backbone Ventures, Others

Switzerland-based Fintech firm neon has secured 7 million CHF (appr. $7.78 million) from existing investors and has also launched a crowdfunding round for clients.

The neon team notes:

“Excessive fees, inflexible opening times, too much bureaucracy and complicated apps. To us, it was clear: it can’t go on like that. That’s why we built neon. neon is your transaction account for your everyday finances. No base fees, free Mastercard. Super simple. All on your smartphone. 100% independent.”

Investors in neon’s investment round reportedly include the TX Group, BackBone Ventures, QoQa Services SA, the Helvetia Venture Fund, the Schwyzer Kantonalbank’s innovation foundation, as well as private investors.

With 70,000 clients currently on board, neon is introducing equity crowdinvesting with tokenized non-voting shares which will reportedly be kept in a personal wallet. The Swiss digital asset platform Sygnum Bank is serving as the tokenization partner. As previously reported, Sygnum Bank, a licensed crypto-asset bank, has been founded on “Swiss and Singapore heritage” and operates globally.

Yves Collet, Chief Financial Officer at neon, stated:

“We can sense just how committed our users are to neon, so we’ve reserved an additional 1.5 million CHF for direct investments, after the financing round.”

neon provides basic bank accounts that are managed by its banking partner Hypothekarbank Lenzburg, with baked-in deposit protection of “up to 100,000 CHF” per client.

The firm has expanded its range of products to include neon green, a sustainable account for Switzerland‘s market.

The company added that neon is “the account app you want: simple, digital and low-cost.” Tailored to your requirements and “always there for you.” In addition to their “tried and tested” neon free account, the company’s sustainable version, neon green, is available to customers.

neon’s management also revealed:

“We’re moving forward at a super-good pace. We can already count on 70,000 of you. Thank you for your trust!”

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