Swiss fintech neon has raised CHF5m ($5.05m) in Series A financing round to expand its product portfolio.
The round was led by Tamedia and also joined by Backbone Ventures and some existing investors of the company.
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neon, as a smartphone banking solution, said that it will use the liquidity to add new features to its app.
The fintech firm aims to expedite card transactions, roll out e bill option and introduce additional self-servicing options to the platform.
Tamedia CTO and head of Digital Ventures Samuel Hügli said: “neon is a simple and mobile banking solution that, even though very easy to use, offers a high level of security.
“We’re continuing to support neon not only financially, but also through our expertise in developing and marketing digital platforms.”
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By GlobalDataWith Hypothekarbank Lenzburg as its banking partner, neon offers a private banking account to meet daily requirements. Its offering also includes a payment card without additional base fees.
neon co-founder Jörg Sandrock said: “We’re very happy about how neon grew over the last months and about the great support particularly by Backbone Ventures and Tamedia in this Series A round.
“Together we will continue to digitalise retail banking in Switzerland and make it more affordable.”
Last year, the Swiss fintech signed Contovista as its technology partner to deliver data-driven banking.
