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Credit Suisse invests in fintech company Assetmax AG
SVC Ltd. for Risk Capital for SMEs (SVC Ltd.), an investment vehicle of Credit Suisse in Switzerland, is investing in Assetmax AG, an asset management service provider based in Zurich and Lugano. This is SVC Ltd.'s second investment in a fintech after providing Tradeplus 24 AG with growth capital in the fourth quarter of last year. SVC Ltd. has a total of 130 million Swiss francs available for investments in Swiss SMEs, 30 million of which is specifically for fintechs.
After Credit Suisse provided its subsidiary SVC Ltd. for Risk Capital for SMEs with CHF 30 million in additional investment funds for fintechs early this year, it has now made another investment in this area. With operations in Zurich and Lugano, Assetmax AG (formerly Fimax Asset Management Solutions AG) has evolved to become one of the leading IT platforms for independent asset managers and banks since its founding in 2013. It enables them to unburden themselves of repetitive and select administrative tasks by consistently automating and outsourcing business processes, including in the areas of compliance and portfolio management.
Established specifically for fintech investments, SVC Ltd's Investment Committee was particularly impressed with the innovative capacity and the sophisticated technology of Assetmax's platform. This assessment was underscored by the fact that the company has only used very little money on active marketing of the platform, and has instead managed to amass their current client base primarily through referrals from existing users. With the newly acquired capital, Assetmax AG will further develop its platform and implement measures to accelerate its client acquisition. Aside from SVC Ltd., Schwyzer Kantonalbank's innovation foundation, as well as entrepreneur and doodle originator Paul E. Sevinç, took part in Assetmax's first round of funding.
Didier Denat, Chairman of the Board of Directors of SVC Ltd. and Head of Corporate & Investment Banking at Credit Suisse (Switzerland) Ltd., noted: "With its platform, Assetmax addresses the needs of many external asset managers and has done a convincing job of technically implementing the corresponding solution. It is precisely this combination of strategic flair and flawless implementation that is a decisive factor for a company's success. By participating in the first round of funding, we hope to help the company continue to advance its growth and to support its long-term success. We are pleased to be able to accompany Assetmax on this path as one of its financing partners."
Assetmax is SVC Ltd's second investment after having invested in Tradeplus24 AG in the fourth quarter of last year – a Zurich-based fintech company specialized in granting business loans for SMEs backed by global debtors.
About SVC Ltd. for Risk Capital for SMEs
As a leading bank for entrepreneurs, Credit Suisse not only provides companies and their owners with support for their financial needs, but also aims to use other measures to help solidify and further develop Switzerland as a center for business and employment. This was the starting point for founding SVC Ltd. for Risk Capital for SMEs in 2010 in cooperation with the Swiss Venture Club, which has since operated as a wholly owned subsidiary of Credit Suisse.
SVC Ltd. provides small and medium-sized businesses as well as young entrepreneurs with risk capital totaling roughly 130 million Swiss francs. So far, it has invested in roughly 50 companies. The beneficiaries are innovative companies in different stages of development from around the country. Helvetica Capital AG has been responsible for investment portfolio management on behalf of SVC Ltd. since September 2015. The company is managed at strategic level by a broad-based Board of Directors with the support of an operations team.
About Assetmax AG
With 24 employees, Assetmax AG (formerly Fimax Asset Management Solutions AG) is one of the largest and fastest-growing providers of asset management solutions in Switzerland, servicing several dozen asset managers and already recording a profit. Assetmax offers an independent, modern platform with a proven track record in the areas of compliance & regulation, portfolio management, front office, and fees & profitability, providing an outsourcing solution for the back-office tasks of independent asset managers and banks. Among others, its strong partners include Geissbühler Weber & Partner in the area of compliance and Synpulse for the integration of new clients. Headquartered in Zurich, Assetmax AG also has an office in Lugano.