Teylor AG has closed a financing round in which it has raised capital in the amount of 8 million Swiss francs overall, as detailed in a press release. Among others, the German venture capital firm Wenvest Capital as well as Steinbeis, a platform for the founding of new companies, were involved in the financing round. In addition, the circle of investors also included private investors and family offices from Switzerland, Germany and Israel.
Teylor develops credit products for small and medium-sized enterprises (SMEs). With these, companies are able to make assessments more quickly than is the case at conventional banks. This shortens a loan application process to under ten minutes. Moreover, the start-up develops software solutions for banks. These allow the credit approval process to be digitalized and automated, from the loan application stage right through to a risk assessment and credit check.
“The fact that we were able to successfully close the financing round in the middle of a pandemic and economic crisis shows that our investors firmly believe in this vision”, comments Patrick Stäuble, Founder and CEO of Teylor AG.
Using the fresh capital, the company is now planning to expand its operating business in Germany and Europe. In addition, Teylor will be using a portion of the funding to finance loans via its own lending fund in addition to SME loans that are backed by various banking partners.
“I believe the changes in the market brought on by the COVID-crisis, combined with the new capital we now have available, will pave the way for us to become one of the leading players in the European SME lending market in the coming years”, Stäuble surmised.