The Swiss fintech market grew by 62 percent in 2018. This emerges from a recently published study by the Lucerne University of Applied Sciences, published on 27th February.
Lucerne University of Applied Sciences conducted a thorough review of the Swiss financial market for the fourth time. The report, entitled IFZ FinTech Study 2019, shows that the cities of Zurich and Geneva rank second and third on the global list of the best fintech cities. The domestic fintech sector grew by 62 percent compared to the previous year.
Number of fintech companies in Switzerland
According to the analysis, Switzerland had 356 fintech companies in 2018, as opposed to 220 in the previous year. The growth is reported to depend on Fintech Distributed Ledger (DLT) companies, which triples in number. More specifically, out of a total of 356 companies, 122 are Distributed Ledger Technology, 66 Investment Management, 56 Banking Infrastructure, 42 Depot & Credits, 36 Payment Methods, and 34 in the Analysis Sector.
The study also lists several ICO companies in the fintech sector in Switzerland. Overall, a total of € 339 million was raised by 15 ICOs last year. Reducing both the number and volume of these funds. The largest ICO in 2018 was Envion, which received around 87 million euros, followed by Nexo and SwissBorg with 46 and 44 million euros, respectively.
According to a recent report by the ICO rating service ICObench, Switzerland was ranked second in the fourth quarter of 2018 in terms of the amount of money collected by ICOs after allegedly collecting € 209 million.
As Cointelegraph reported earlier this month, Swiss Crypto Valley Association (CVA) President Daniel Haudenschild said that the bearish crypto market has damaged Switzerland’s position as a global blockchain hub. Haudenschild also pointed out that great ideas are being deferred because they can not find financing. Also added, “We need to bridge this by bringing investors back.” And further commented that, “Opening Switzerland up and making it easy for businesses to do business to invest in blockchain projects.”