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Selma closes extended Series A funding round

by: Carina Wetzlhütter3 min read

Selma has ramped up its Series A investment round. The additional CHF 7 million funding has been led by TX Ventures, the VC investment arm of TX Group. It also included significant investments by Sparrow Ventures, VC arm of Migros Group, as well as existing early investors from angel and seed rounds. This investment round shows that Selma Finance has flourished under challenging times and is presenting a valuable business case for Switzerland’s and Europe’s banking sectors. 

Original media release by TX Group

Have you followed Selma's growth as an organisation over the last few years?

As Switzerland’s fastest-growing Fintech for affordable and high-quality financial advice, Selma managed to extend its Series A funding round by an additional CHF 7 million led by TX Ventures, VC arm of Swiss media company TX Group. In closing this additional deal, Selma Finance has raised CHF 10 million in its Series A round. Sparrow Ventures, VC arm of renowned Migros Group has participated in this financing round again, as well as key partners of well-established venture capital firms and existing angel investors of Selma Finance’s early days.

What happened with the initial Series A funding?

Selma tripled the client numbers – growing to +10’000 clients across Switzerland who invest amounts from 2’000,- to seven-digit sums and we have more than doubled the team. By the way, we are hiring!

Giving each and every Swiss resident access to individual financial advice and the opportunity to adequately set up their finances for retirement –  regardless of their age – is what drives our vision here at Selma. The additional funding will allow the organization to localize its services to the French-speaking region of Switzerland and to continue evolving its product offering. For example, Selma Finance plans to not only offer automated financial advice but also access to financial planning done by experts.

Selma's clients value how easy it is to use the web and mobile applications, as well as the beginner-friendly financial platform. Selma always aims to build trust through individual assistance – with our “Selma bot” which creates tailored investment plans with algorithms, or via our friendly support team (the "Selma crew") which advises clients to invest according to their financial situation and suitable risk level.

Patrik Schär
Source: Patrik Schär, CEO & Co-Founder of Selma Finance

Quotes about funding round

Patrik Schär, Co-Founder and Chief Executive Officer of Selma Finance:

“We are very proud of the achievements of Selma and the trust we see from our clients and partners in a challenging market environment. Especially now, our clients have appreciated our unique setup of a digital service combined with tangible advice.  We are very much looking forward to continuing our success story with investors believing in our business case and supporting us as they understand the importance of our product and the strength of our team."

Krzysztof Bialkowski, Investment Director TX Ventures:

“We are proud that we can further support Selma and its strong team with our expertise in marketing, technology and cybersecurity. Selma's clear competitive advantage of making financial advice simple, friendly and accessible allows the company to thrive even in the current difficult economic environment. Impressive growth and more than 10.000 of happy customers are a clear proof of it.”

Yan Waldmeyer, Senior Investment Manager Sparrow Ventures:

“​​Selma Finance has shown tremendous traction since Sparrow Ventures first invested 18 months ago. It was therefore an easy decision to support the team with another investment to make digital investment services accessible to the people in Switzerland. We look forward to further cooperation and to the next milestones.”

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About the author

Carina Wetzlhütter

Carina makes technology understandable. As the former marketing lead of a complex software product, she joined Selma to help explain finance in a more human way. Winter being her favorite season, she loves ❄️ and 🎿