Free NewsletterGet the hottest Fintech Switzerland News once a month in your Inbox2024 was an eventful year for the Swiss fintech industry, which witnessed high-profile developments and promising growth in niche areas, but also significant challenges.Corporate bankruptcies soared to record levels, impacting the fintech sector. Meanwhile, funding for fintech startups continued its downward trajectory as investors increasingly prioritized biotech, as well as energy and cleantech.Despite these setbacks, Switzerland’s fintech sector showed resilience and innovation. Key milestones included notable acquisitions, progressive regulatory measures covering artificial intelligence (AI) and digital assets, as well as government-backed initiatives including the rollout of instant payments and the inaugural SwissHacks event.Corporate bankruptcies reach new recordIn 2024 Switzerland witnessed a sharp rise in corporate bankruptcies, setting a new record. According to Swissinfo.ch, bankruptcies increased by 15% to 11,506 cases, driven by a notable 18% surge in insolvencies due to over-indebtedness. Organizational deficiencies also accounted for a 6.6% rise in bankruptcy publications.The fintech sector also faced challenges. In particular, FlowBank, a Geneva-based online brokerage and trading bank, was declared bankrupt by the Swiss Financial Market Supervisory Authority (FINMA) in June.This measure became necessary as FlowBank no longer had the minimum capital required for its business operations, and faced issues related to incomplete financial reporting. There was also fears that the bank was over-indebted.FlowBank was a bank offering online brokerage and trading with its head office in Geneva and subsidiaries in London and the Bahamas. The bank had total assets of approximately CHF 680 million at the time of the announcement, over 22,000 client accounts and around 140 staff worldwide.FlowBank launched in 2020, offering banking and trading services. It was the banking partner for Techteryx, the stablecoin issuer behind TrueUSD (TUSD). The company was part-owned by crypto asset management firm CoinShares and reportedly offered banking services to Binance, the world’s largest crypto exchange.Declining fintech funding2024 saw fintech funding drop significantly. In H1 2024, investments in fintech startups in Switzerland fell by 58.5% year-on-year (YoY), plummeting from CHF 191 million in H1 2023 to CHF 79.2 million in H2 2024, according to the new Swiss Venture Capital report. The number of financing rounds also saw a significant drop, declining from 30 in H1 2023 to just 13 in H1 2024, marking a 56.7% decrease.Investment in Swiss startups in first half of year, Source: Swiss Venture Capital Report 2024 | Update, Startupticker.ch, SECA and startup.ch, Jul 2024This downturn reflects a broader shift in investor priorities, with growing attention directed toward sectors such as biotech, as well as energy and cleantech. In H1 2024, biotech startups generated CHF 4
Gio. Gen 9th, 2025
