Digital financial advisor Selma Finance has reportedly extended its Series A round with an additional CHF 7 million. This investment has been led by TX Ventures, the venture capital division of Swiss media firm TX Group, bringing its Series A fundraise to a total of CHF 10 million.
Sparrow Ventures, the VC unit of Migros Group, and other existing investors also took part in the investment round.
Selma stated that it had reportedly used the initial CHF 3 million Series A capital to significantly increase customer numbers to more than 10,000 clients across Switzerland and also double its headcount.
The proceeds should enable the firm to localize its services to the French-speaking region of Switzerland and to further enhance its product offering.
Selma Finance now intends to not only offer automated financial advice but also access to financial planning supported by industry experts.
Selma intends to develop trust via individual assistance with the “Selma bot” which provides customized investment plans with algorithms, and through their professional support team which advises customers to invest according to their financial status and appropriate risk level.
Krzysztof Bialkowski, Investment Director, TX Ventures, said:
“Selma’s clear competitive advantage of making financial advice simple, friendly and accessible allows the company to thrive even in the current difficult economic environment. Impressive growth and more than 10.000 of happy customers are a clear proof of it,”
Yan Waldmeyer, Senior Investment Manager, Sparrow Ventures, stated:
“Selma Finance has shown tremendous traction since Sparrow Ventures first invested 18 months ago. It was therefore an easy decision to support the team with another investment to make digital investment services accessible to the people in Switzerland.”
Patrik Schär, Co-Founder and Chief Executive Officer of Selma Finance, commented:
“We are very proud of the achievements of Selma and the trust we see from our clients and partners in a challenging market environment. Especially now, our clients have appreciated our unique setup of a digital service combined with tangible advice. We are very much looking forward to continuing our success story with investors believing in our business case and supporting us as they understand the importance of our product and the strength of our team.”