The 30 million francs in venture capital will be made available to the investment vehicle SVC – Ltd. for Risk Capital for SMEs (SVC Ltd.), explains Credit Suisse in its press release. SVC Ltd. was founded in collaboration with the Swiss Venture Club as a wholly owned subsidiary of Credit Suisse in May 2010 and has so far provided venture capital of around 100 million francs to 44 SME companies in Switzerland. The press release reveals that some of these investments have already been successfully sold again at a profit.
SVG Ltd. has not invested in SMEs from the financial services sector before, but Credit Suisse is now providing 30 million francs in venture capital intended just for innovative fintechs. In this way, the Zurich bank is giving “a clear signal of SVC Ltd.’s support for Switzerland as a fintech hub,” comments Didier Denat, Chairman of the Board of Directors of SVC – Ltd. and Head of Corporate & Investment Banking at Credit Suisse (Switzerland) Ltd. “At the same time, our commitment allows us to connect with innovative companies offering solutions that might be of interest to us as a bank or to our clients.” This capital will be offered to fintechs that are either domiciled in Switzerland or have a clear connection with the country.
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