Sparrow Ventures, a subsidiary of Migros, Switzerland’s largest retail group, has invested in the FinTech company Selma Finance. As detailed in a press release issued by the venture capital firm, it participated in a financing round conducted by the start-up, which is headquartered in the canton of Schwyz. The round was led by the TX Group, with the investment start-up successfully raising gross proceeds totaling 3.5 million Swiss francs from this process.
This is the first investment Sparrow Ventures has made in a FinTech. “Selma is an exciting wealth start-up that offers incomparable access to professional capital investments and pension schemes”, comments Lorenz Lüchinger, CFO of Sparrow Ventures, in explaining the company’s decision to invest. He adds: “The founders of Selma and their team have already demonstrated the need for a solution of this kind on the Swiss market”.
Following the investment, Migros Bank has offered Selma Finance the opportunity to enter into a partnership. Together, the two companies are now planning to develop and test innovative digital wealth management services and sales channels.
Patrik Schär, CEO of Selma Finance, sees a huge advantage for his firm in having gained such a strong partner with a comprehensive network. He explains that the investment will support his company’s vision of bringing innovative advisory experiences in wealth management to a wider audience and developing Selma into Switzerland’s leading digital financial advisor.