Zurich FinTech neon Closes $5M Round For Mobile Banking Expansion

Zurich-based FinTech company neon announced it has closed a $5 million fundraising round led by Tamedia.

Zurich-based Backbone Ventures and several existing investors also participated in the round.

“Neon is a simple and mobile banking solution that, even though very easy to use, offers a high level of security. We’re continuing to support neon not only financially, but also through our expertise in developing and marketing digital platforms,” Samuel Hügli, CTO and head of digital ventures at Tamedia, said in a press release.

Miklos Stanek, founding partner and chairman of venture capital firm Backbone, added, “neon thrills us with its product and its highly committed team. We firmly believe that neon will visibly change Swiss customers’ banking behavior within the next two to three years. We’re looking forward to going down that path together with neon.”

“We’re very happy about how neon grew over the last months and about the great support particularly by Backbone Ventures and Tamedia in this Series A round. Together we will continue to digitalize retail banking in Switzerland and make it more affordable,” explained neon Co-Founder Jörg Sandrock.

Neon will use its new funding to further upgrade and stabilize the app, as well as deepen its status as a safe Swiss-made solution by adding product features. The company intends to focus on speed, with faster booking of card transactions or more user self-service, and will also launch the addition of e-bills.