Money has been part of human history for the last 3,000 years and comes in many different forms. Whether in the shape of a metal coin, a piece of paper with a historical figure on it, or a number on a computer, one thing is for certain – money is constantly evolving. With an estimated 10% of all European FinTech businesses now based in Switzerland, the Swiss FinTech industry is on the verge of experiencing a ‘big decade’ industry boom. Last year there were a total of 356 fintech companies in Switzerland, a growth rate of 62% compared to 2017.
The potential for innovation in finance is substantial; the FinTech sector in Switzerland attracted CHF 324m in venture capital in 2019, compared to CHF 130m in 2017. Investment and asset management is the second most crowded fintech segment in Switzerland, behind blockchain and crypto. Swiss-based firm Numbrs, developer of a mobile banking platform, recently achieved ‘unicorn’ status after receiving CHF198 million from backers, giving the company a $1bn valuation.
Organisations across the board are increasing their investments in FinTech as well, including traditional banks, insurers and other large financial institutions. Some integrate FinTech into their existing product and service offerings, while others invest in FinTech start-ups or set up their own incubators. Employment in the sector will continue to grow as high usage of mobile devices and technology-based solutions will push the demand for financial and banking solutions, which can be accessed through personal devices.
Our consultants are specialists in their markets, recruiting top talent for organisations across the FinTech job markets throughout Switzerland and Europe.