Finnish-born Selma Finance raises 3.2 mln euros in Switzerland

Digital financial advisor Selma Finance has raised 3.5 million Swiss franc (about 3.2 million euros) investment round from investors including TX Group and Sparrow Ventures to accelerate growth and to launch additional products in the Swiss market.

The Swiss-Finnish fintech Selma Finance with offices in Zurich and Helsinki offers tailored investment opportunities and makes financial advice accessible to everyone via its easy-to-use user interface.

The digital financial advisor has 12 employees, is registered as an independent asset manager in Switzerland and has already more than 4,000 paying customers in Switzerland.

“With TX Group and Sparrow Ventures, being the growth equity investor of the Migros Group, we have gained two strong partners and investors with an extensive network,” said Patrik Schär, CEO of Selma.

“This will help us to make our new kind of advisory experience more widely accessible and supports us on our mission to develop Selma into the leading digital financial advisor in Switzerland,” Schär said.

The investment in Selma is the first in the fintech space for Sparrow Ventures portfolio.

“Selma is an exciting wealth-tech-startup that creates unparalleled new accessibility to professional investing and retirement planning services. The founders of Selma and their team have already demonstrated that there is a demand for such a solution on the Swiss market. They are therefore in a great position to address this even better in the future,” said Lorenz Lüchinger, CFO of Sparrow Ventures. 

Samuel Hügli, Head Technology & Ventures and member of the Group Management of the TX Group, said: “We will provide active support with our expertise in the areas of technology, data analytics, marketing, product and business development. We have found the team around Patrik Schär convincing with their vision of making financial advice simple and accessible..”