UBS is the new banking partner of Tenity
10 March 2023 09:05
UBS has entered into a strategic partnership with the start-up incubator and accelerator Tenity. According to a press release, the bank is seeking to expand its fintech ecosystem. To this end, the collaboration with “the largest Swiss innovation ecosystem” will offer an “ideal starting point”.
It will provide UBS with access to the global ecosystem and the emerging, innovative fintech firms affiliated with the incubator, which was known as F10 until a month ago. As a result, the bank stands to benefit from comprehensive knowledge transfer in connection with innovation and the latest digital trends.
“That we were able to win over UBS as a global strategic partner for banking makes us very proud”, comments Andreas Iten, CEO and co-founder of Tenity, in the press release. This will help to “bring even more innovation to this important industry”, he concludes.
At the same time, UBS Next, the venture capital arm of UBS, will be investing in the Tenity Incubation Fund. According to UBS, the aim here is to strengthen innovation in the fintech space and play a part in actively shaping the future of the Swiss financial sector. In order to drive innovation at UBS specifically and across the financial sector more generally, it is “important to both partner with and invest in early-stage fintech and tech start-ups”, according to comments from Mike Dargan, UBS Group Chief Digital & Information Officer.
Tenity was founded in 2015 by the Swiss SIX exchange under the name F10. The start-up incubator has operated on an independent basis since a management buy out in 2022. Rebranded as Tenity, the company now intends to develop from a pure incubator to an early-stage investor. mm