Swiss Fintech Sector Booms with Record Number of Companies

Discover how the Swiss fintech sector is thriving with a record number of companies, according to the latest iinTech study. Learn about the 11% increase in active companies in Switzerland.

The Swiss fintech sector experienced significant growth in the past year, with a record number of active companies operating in the country. According to the latest iinTech study conducted by Lucerne University of Applied Sciences and Arts, there were 483 fintech companies in Switzerland by the end of 2023, marking an 11% increase from the previous year. This growth trend has been consistent since 2015, with the sector tripling in size over the past few years.

One notable trend in the Swiss fintech sector is the increasing focus on sustainability. Last year, companies with a strategic emphasis on sustainability saw significant growth, accounting for around 10% of all Swiss fintech companies. This growth can be attributed to the high level of interest from investors in sustainable investment opportunities, as well as the banks' obligation to inquire about private investors' sustainability preferences.

However, despite the overall growth in the sector, there are signs of a cooling trend. Switzerland is facing increased competition from other international fintech hubs, with Stockholm surpassing Zurich and Geneva in attractiveness for fintech companies. While Switzerland still maintains a strong position in the global fintech landscape, other cities such as Amsterdam, New York, and San Francisco are catching up.

Additionally, the financing of Swiss fintech companies saw a decrease in 2023, both in terms of volume and the number of transactions. This decline raises questions about whether it is a structural slowdown or a temporary effect driven by interest rates. Despite these challenges, the fintech sector in Switzerland continues to hold great potential for innovation, particularly in the areas of artificial intelligence and new technological developments.

The iinTech study, now in its ninth edition, highlights the evolving landscape of the Swiss fintech sector and the opportunities for growth and innovation. With continued support from industry partners and stakeholders, the sector is poised to further expand its impact on the financial services industry in Switzerland and beyond.