UBS Invests in Incubator Fund

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 of 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 important 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.