The Zurich-based wealth management software Avaloq and the Swiss fintech Kaspar& have formed a strategic alliance following the completion of its CHF2.5m ($2.8m) seed funding round.
Avaloq has taken a minority investment in the company as part of the new agreement, and Avaloq will link the advanced Kaspar& investing app with the Avaloq Core Platform.
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This will make it possible for Swiss banks using the Avaloq platform to provide their customers easier access to investing options.
In 2020, Kaspar& was established as a subsidiary from the Swiss Federal Institute of Technology (ETH) and the University of St. Gallen (HSG).
Moreover, the company provides low-cost investing app, payment services, and bank account access.
Among the creative investment solutions provided by Kaspar& is a save-as-you-spend option that rounds up credit card purchases and allocates the difference to exchange-traded funds (ETFs) and index funds.
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By AiexpertInterIt offers Swiss consumers a straightforward starting point to venture into the world of investing and begin gradually increasing their money.
The agreement demonstrates Avaloq’s drive to innovation and democratising access to asset management.
Avaloq’s easy interface with its core banking system will allow financial institutions across Switzerland to quickly roll out the Kaspar& investing app to their retail and mass-affluent clients.
For Kaspar&, the cooperation and the completion of the seed financing round represent crucial milestones for the company’s future development.
Avaloq led the financing round, which is supported by additional minority investors such as Basellandschaftliche Kantonalbank (BLKB), institutional investors, and business angels.
Martin Greweldinger, chief executive officer at Avaloq, said: “We are proud of our track record in innovation and our strong ecosystem of fintech partners. With our investment in Kaspar&, we recognise the company’s potential to revolutionise investment in the Swiss retail sector. Not only does Kaspar& provide consumers with automated, low-cost investment solutions, the app’s intuitive interface makes it easy for anyone to start investing. By fully integrating the app with our core banking system, we will support the growth journey of Kaspar& and enable financial institutions running on the Avaloq platform in Switzerland to offer their clients access to this innovative investment platform.”
Jan-Philip Schade, co-founder and chief executive officer of Kaspar&, said: “Our strategic partnership with Avaloq opens a new chapter in our company’s history. This latest investment by a key player in the Swiss financial ecosystem confirms the potential of our platform while enabling us to continue the growth trajectory of Kaspar&. I believe that the integration of the Kaspar& app with Switzerland’s leading core banking system will play a major role in enhancing collaboration between banks and fintech partners. We look forward to growing our partnership with Avaloq over the long term and to helping financial institutions in Switzerland to expand their range of investment options for retail and mass-affluent clients.”
