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Swiss fintech Advanon closes second funding round, raises 13.5M CHF
Switzerland-based fintech company Advanon announced that it has closed the second round of funding and has raised 13.5 million CHF, Finextra reported.
The funding round saw investors including one of the biggest telecom company from Switzerland, Swisscom, two venture funds b-to-v Partners and VI Partners as well as the founder of Partners Group, Urs Wietlisbach. There are three-quarters available to invest on the platform and one-quarter will be invested in equity.
“The reputable investors are helping us on a number of fronts. We are happy that not only the existing investors but also additional strategic investors decided to be part of our story. Together with our partners, we’ll be ready to approach new markets, improve the quality of our product and grow the customer base,” Phil Lojacono, Co-Founder and CEO of Advanon, said, as reported by Finextra.
Advanon, with the additional funds, plans to sustain and strengthen its position in Switzerland and expand its services to the German markets. The startup has already attracted several successful investors in the country including the European Business Angel of the year 2011, Daniel Gutenberg and the former deputy CEO of the private Bank J. Safra Sarasin, Eric Sarasin.
“PhilipKornmann, PhilLojacono and Stijn Pieper are three extraordinary entrepreneurs. They built Advanon very focused and with very few resources and have already achieved remarkable success and impressive growth rates. They will now continue the Swiss success story in Germany and I’m thankful, that b-to-v can be part of this journey,” Florian Schweitzer, Partner b-to-v Partners, stated.
The online fintech platform has more than 450 investors and managed to establish a wide investor base and has financed all invoices within an average of 5 minutes. It helps SMEs to bridge the long payment terms that they’re facing in recent times. Advanon has won several accolades including VentureKick I, II & III, a Working Capital Award of the Swiss bank Post-finance. It also received governmental quality label “CTI certified” and are working to revolutionize the credit risk algorithms.