Swiss bank acquires majority stake in receivable financing fintech
(27 November 2017 – Switzerland) Global banking giant Credit Suisse has revealed that it is backing a Swiss fintech firm in Zurich which offers an innovative receivables financing solution that is designed for small-to-medium enterprises (SMEs).
The lender’s venture capital investment arm, SVC-Ltd., has bought a majority stake in Tradeplus24.
The start-up will use the new capital to further scale-up support and delivery of its automated lending solution.
Credit Suisse also plans to integrate the fintech’s products in its own offering, which allows its clients to tap SMEs focused solution that offers a new simple way for companies to lend against their global accounts receivables. This could well serve as a new model of promoting start-ups and proving the viability of their business, the bank says.
Head of SME Business at Credit Suisse, Andreas Gerber, said, “The Tradeplus24 lending product, perfectly builds upon our existing lending offering which allows us to reach out to our existing clients but also tap into new market segments.”
Ben James, CEO and co-founder of Tradeplus24, said, “At Tradeplus24 we have developed an innovative unique product that will help SME’s leverage their account receivables and grow their business. We are thrilled to have SVC-Ltd as a new Investor and very excited to exclusively offer Credit Suisse customers this great new product here in Switzerland.”
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