Swiss VC firm Tenity to expand SEA fintech investment

Photo credit: Tenity

Tenity, an early-stage investment firm based in Zurich, has hit the first close of its Incubation Fund I. The amount was undisclosed.

The fund will invest in fintech and insurtech startups in Europe and Asia. In particular, it is targeting a stronger presence in Southeast Asia.

Tenity, formerly known as F10, was originally the fintech incubator of the Swiss stock exchange. In a statement, the company said its backers include SIX Group and UBS Next – UBS’ strategic venture and innovation unit. Tenity’s assets under advisory has reached 120 million francs (US$131 million).

Jonas Thuerig, Tenity’s head of Asia, tells Tech in Asia that the firm sees huge potential in Southeast Asia, where there is still a large underbanked and underinsured market.

He adds that the VC firm also runs an incubation program across three hubs: Switzerland, Singapore, and Nordics. Both its fund and incubation program are “especially looking” at startups from Indonesia, Vietnam, the Philippines, Thailand, and Singapore.

Tenity has stated that it intends to build a “supersized portfolio and broad market coverage of several hundred companies” across all subsegments of fintech and insurtech.

Since 2015, its programs have attracted over 250 firms, including Swiss fintech startup Yokoy, Belgian crypto market maker Keyrock, Singaporean insurtech platform CoverGo, and Swiss mortgage firm Oper.

See also: Can SEA catch up to open banking in the West?

Currency converted from Swiss franc to US dollar: US$1 = 0.91 francs.