Over the past half a decade or so, the Fintech industry has grown into a veritable behemoth, and much of the credit must go to the innovators who have worked tirelessly to make it another pillar of the financial industry. In that regard, SIX Fintech Ventures has also been one of the more influential members of the industry over the years, and in a new development, it made a major investment in the Zurich, Switzerland based digital identity verification outfit PXL Vision. The firm is also involved in providing customer onboarding services, and it seems that it could prove to be a hugely important investment for SIX. PXL Vision’s founders were earlier employed with computer vision firm Dacuda A, which was well known for its work in 3D technology.
Now that SIX owns a stake in a digital identity verification firm, it would be far easier for the company to expand its business in a meaningful way in the years to come. As everyone knows, Fintech is a highly dynamic sector, and the sort of technology used in the sector is evolving every day. In such a situation, it is important for companies to keep investing in the latest technology so that they do not get left behind by their rivals in the industry.
The chief of SIX Fintech Ventures, Andreas Iten, spoke about the deal. He said,
Together with PXL Vision, we can now not only support an already experienced start-up team but also a technology that harbors huge potential, and that encapsulates our vision of a digitized financial center.
The development of PXL as a serious contender in the Fintech industry is also down to the celebrated F10 tech incubator in Zurich, which has been able to produce a few more promising tech companies as well. In fact, PXL is the third company from the incubator, which is going to receive an investment from SIX’s corporate fund. It is a significant development not only for the Fintech industry and SIX but also about the wider potential for tech innovators in the industry.