Helvetia Venture fund invests in Swiss FinTech neon

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Helvetia Venture Fund recently announced that it is investing in the Swiss FinTech neon, which offers low-cost, app-based banking. The companies have collaborated to offer a mobile bancassurance solution in Switzerland via Helvetia’s digital insurance solution, Smile. The investment round included the participation of QoQa SA, Helvetia Venture Fund, and other private investors, as well as existing investors TX Group, Backbone Ventures, the Innovation Foundation of the Schwyz Cantonal Bank, and Business Angels.

neon allows users to open a bank account, get a free Mastercard, offers low fees for international transactions and competitive exchange rates. neon issues accounts with a Swiss IBAN, which is also covered by the Swiss deposit protection scheme thanks to cooperation with Hypothekarbank Lenzburg. The company currently has around 30,000 customers using its application.

“neon has an excellent product with impressive growth figures. The cooperation with neon gives Helvetia the opportunity to access new customers. We are also confident that neon will further develop the traditional Swiss banking market in the long term”, said Martin Tschopp, Chief Customer Officer at Helvetia Switzerland.

Jörg Sandrock, CEO, and co-founder of neon added, “We are delighted that Helvetia has placed its trust in neon. Insurance is set to become an important additional service as we expand our business model.”