Zurich-Based Fintech Company Advanon Gets Investment from Banker Eric Sarasin
Eric Sarasin, a prominent Swiss Banker, recently invested in the Zurich-based fintech company Advanon, which has posted strong growth rates. They’re doing so well that they’re planning international expansion.
Sarasin is the former head of private banking and deputy chief executive of J. Safra Sarasin, and he chose to share his expertise, experience, and investment with Advanon. While the sum of Sarasin’s contribution hasn’t been disclosed, it has been stated that current owners maintain control. With Sarasin’s direction, Advanon plans to expand into to other German-speaking markets. His role as the former president of the German-Swiss Chamber of Commerce helped with this venture, as well as his network as a private banker.
Founded by three former employees of Google, Advanon specializes in liquidity planning for small and mid-size companies. Firms are able to pre-finance invoices through the Advanon platform, which offers a bridge during customary grace periods. The business model has proven to be successful, as details of last September’s revenue has shown that the market is buoyant. They’re expecting growth of nearly 40 percent each month, according to Chief Executive Phil Lojacono. So far, Advanon has taken on more individuals to services growing needs.
At the end of 2014, Sarasin resigned from J. Safra Sarasin after a probe into tax vehicles. The probe was delayed in January and Sarasin wasn’t subjected to charges, though he did put forth a six-figure sum. He, liked the former UBA boss Marchel Ospel and former Chariden Leu banker Mike Baur, resurfaced as fintech investors, submitting to career changes.
Daniel Gutenberg actually beat out Sarasin as a prominent for Advanon and made money in Silicon Valley as an early investor in Facebook at Netscape. Additionally, Advanon was founded by Philip Kornmann and Stijn Pieper. The Swiss financial market authority, Finma, regulates the company.
Originally published at andrewchamberlain.ch on August 1, 2016.