UBS Invests in Incubator Fund
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Switzerland’s fintech and insurtech ecosystem is getting a boost by partnering with the country’s largest bank.
Startup incubator and accelerator Tenity (formerly known as F10) and UBS are entering a strategic partnership, according to an emailed statement on behalf the two parties, Thursday.
Tenity is a startup incubator with an investment arm that invests in technology companies in the financial and insurance industries. It focuses on early-stage companies in several countries.
UBS’s strategic venture and innovation unit, UBS Next, which already invests in fintechs directly, will also invest in the Tenity Incubation Fund, the statement adds.
The partnership with Tenity allows us to expand our fintech network and align innovative ideas and solutions at an early stage, specifically tailored to the needs of our clients in Switzerland, President UBS Switzerland Sabine Keller-Busse, said.
Having UBS as a strategic partner will help our current and future portfolio companies bring even more innovation to this critical industry, Andreas Iten, CEO, and co-founder Tenity said.
More than 250 companies have participated in Tenity programs so far. The new fund will seek to invest in up to 400 new companies.
Questions & Answers
Q.What is the primary purpose of the partnership between Tenity and UBS?
What is the primary purpose of the partnership between Tenity and UBS?
The partnership aims to expand UBS's fintech network and align innovative ideas and solutions early on. This is specifically tailored to meet the needs of their clients within Switzerland. It also seeks to boost the country’s fintech and insurtech ecosystem.
Q.Which specific entity within UBS will be investing in Tenity's Incubation Fund?
Which specific entity within UBS will be investing in Tenity's Incubation Fund?
UBS Next, the bank's strategic venture and innovation unit, will be investing in the Tenity Incubation Fund. This unit already has a history of directly investing in fintech companies, showing its commitment to the sector.
Q.How many new companies does the Incubation Fund plan to invest in?
How many new companies does the Incubation Fund plan to invest in?
The new Incubation Fund, part of the strategic partnership, plans to invest in up to 400 new companies. This significant expansion indicates a strong focus on fostering early-stage technology firms in finance and insurance.
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