Swiss challenger bank neon raises €4.6 million for faster growth

One of the first independent Swiss challenger banks neon has completed a financing round in parallel to its rapid growth in customers. A wide range of supporters from the existing investors Backbone Ventures, TX Group, the Schwyzer Kantonalbank innovation foundation and the “Höhle der Löwen” investors Roland Brack and Bettina Hein and new investors Helvetia Venture Fund, QoQa Services SA and other private investors participated in the round.

Founded in 2017, neon offers a simple, user-friendly and secure account solution as an app for all smartphones. One year after the solution went live, the 30,000 customer mark has already been exceeded. neon positions itself as the Swiss solution for a mobile, inexpensive and easy-to-use smartphone account.

For Jörg Sandrock, CEO of neon, the new financing is both a success and an incentive: “The financing round confirms the path and goal. Existing and new investors are convinced of our potential. We are of course proud of that. It’s also a great incentive to keep working hard on our development in order to continue our growth and change the market. ” 

With Helvetia, one of the leading Swiss insurers joins neon. At the beginning of summer, Smile, the Swiss digital insurance from Helvetia, and neon launched the first Swiss mobile bancassurance solution. Neon has also already worked with the Lausanne-based company QoQa. “The deep expertise and experience of QoQa will accelerate our growth in the eCommerce sector and also in French-speaking Switzerland”.

Samuel Hügli, Head of Technology Services & Ventures at TX Group, notes what makes neon particularly interesting for investors: “It’s impressive how neon, as an uncomplicated and secure mobile banking solution, stirs up the Swiss market. We are convinced of this development and want to make our contribution to the continued success of neon by expanding our financial support and our expertise in the development and marketing of digital platforms.” 

Miklos Stanek, Founding Partner and Chairman of BackBone Ventures, is convinced: “neon is enthusiastic about its product. We firmly believe that neon will visibly change the banking behavior of the Swiss in the next 2-3 years. We look forward to accompanying neon on this path. ”

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