TX Group extends Series A investment in digital financial advisor Fintech Selma Finance
Zurich, 01.09. – Selma Finance AG (“Selma Finance”), Switzerland’s fastest-growing Fintech for affordable and high-quality financial advice, extended its Series A funding round by an additional CHF 7 million led by TX Ventures, VC arm of Swiss media company TX Group. In closing this additional deal, Selma Finance has raised CHF 10 million in its Series A round. Sparrow Ventures, VC arm of renowned Migros Group has participated in this financing round again, as well as key partners of well-established venture capital firms and existing angel investors of Selma Finance’s early days. Since the last investment round, Selma Finance managed to triple the client numbers growing to +10’000 clients across Switzerland who invest amounts from 2’000,- to seven-digit sums and has more than doubled their team.
Giving each and every Swiss resident access to individual financial advice and the opportunity to adequately set up their finances for retirement – regardless of their age – is what drives Selma Finance’s vision. The additional funding will allow the organization to localize its services to the French-speaking region of Switzerland and to continue evolving its product offering. For example, Selma Finance plans to not only offer automated financial advice but also access to financial planning done by experts, including additional options to create personalized portfolios according to personal preferences.
Clients value the company’s easy-to-use web and mobile applications, as well as its beginner-friendly financial platform. The product builds trust through individual assistance – with its “Selma bot” which creates tailored investment plans with algorithms, or via its friendly support team which advises clients to invest according to their financial situation and suitable risk level.
Patrik Schär, Co-Founder and Chief Executive Officer of Selma Finance: “We are very proud of the achievements of Selma and the trust we see from our clients and partners in a challenging market environment. Especially now, our clients have appreciated our unique setup of a digital service combined with tangible advice. We are very much looking forward to continuing our success story with investors believing in our business case and supporting us as they understand the importance of our product and the strength of our team.”
Krzysztof Bialkowski, Investment Director TX Ventures: “We are proud that we can further support Selma and its strong team with our expertise in marketing, technology and cybersecurity. Selma's clear competitive advantage of making financial advice simple, friendly and accessible allows the company to thrive even in the current difficult economic environment. Impressive growth and more than 10.000 of happy customers are a clear proof of it.”
Yan Waldmeyer, Senior Investment Manager Sparrow Ventures:
“Selma Finance has shown tremendous traction since Sparrow Ventures first invested 18 months ago. It was therefore an easy decision to support the team with another investment to make digital investment services accessible to the people in Switzerland. We look forward to further cooperation and to the next milestones.”