In a recent survey among the members of the Swiss Fintech association on economic development during the Covid-19 pandemic, found that fintech companies faced challenges during this period of time but they also seized the opportunity to overcome the crisis.
According to a survey in May of last year, over 55% of the respondents were planning to hire new staff, and just under half also saw the crisis as an opportunity for digital solutions acceptance.
Now, almost a year later, the Swiss Fintech association has compiled a report from various fintech startups on their thoughts about the current situation.
Compilation of Reports From the Swiss Fintech Community:
Loanboox
Martina Bühler
“The COVID crisis is leading to increased financial needs for the public sector, including the threat of tax shortfalls and support for local SMEs. This has been reflected in our figures: In 2020, a volume of CHF 7.1 billion was concluded through our platform – 50% more than in the previous year,”
said Martina Bühler of Loanboox.
“In Germany, demand has increased the most – the annual closing volume quadrupled. We are very pleased to have been able to make a small contribution to the financing of the public sector, the transport sector and the energy sector in these uncertain times.”
Adamant Lane
Oliver Schreiber
Oliver Schreiber, CEO Adamant Lane explains:
“Due to the growing need for a suitable platform for Supply Chain Finance (SCF), we have used the pandemic period to develop LiquidityHub for Corporates. With the solutions for SCF (Reverse Factoring) as well as Dynamic Discounting, we have succeeded in tapping into the new customer group of corporates. That’s why we are currently enjoying exciting discussions with well-known companies that are using the time to restructure and equip themselves with adequate software, especially in view of unprecedented market requirements and increasing volumes.”
Payrexx
Ivan Schmid
“The spreading of COVID-19 and the associated measures prompted many companies to switch to online sales. Through our fully comprehensive payment platform, we were able to help SMEs in particular with this transition,”
explains Ivan Schmid, CEO of Payrexx.
“In addition, last year we developed a new COVID-19 secure QR tool that enables contactless payments on the spot. Every month, around 650 merchants register on our platform. The total transaction volume increased by 95% year-on-year and we generated a 120% increase in revenue.”
Selma Finance
Patrik Schär
“The COVID crisis has led to a lasting change in trust and awareness of digital services in Switzerland. This is especially true for the financial industry,”
says Patrik Schär, CEO of Selma Finance.
“Digital account opening, live chat support, and round-the-clock access via apps have become the new standard. Despite Corona, we were able to open more than 2,800 new accounts with Selma last year, more than tripling our business. We now see that this growth is also sustainable: In 2021 alone, we could already open more than 1,000 new accounts with Selma.”
Accounto
Alessandro Micera
“The Corona pandemic massively intensified the pressure to digitalize, especially for trustee companies with an analog way of working,”
says Alessandro Micera Co-CEO of Accounto.
“Digital and innovative solutions – such as those from Accounto – enjoyed extremely high demand as a result. In numerous live demos with SMEs and trustee companies, Accounto succeeded in building up a solid customer base within a very short time. The only downer: Canceled events and thus lost opportunities to present Switzerland’s only fully automated accounting software to even more interested parties.”
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