Swiss risk capital fund Blufolio, which focuses on Blockchain projects, has made its first investment. If all goes according to plan, the startup it has invested in will turn itself into a bank.
Blufolio, a Geneva-based venture capital firm, is setting its eyes on investments in startups that use the Blockchain technology. It has now identified the first company in which to invest – Yapeal, a startup from Zurich.
Yapeal plans to develop a digital bank based on the Blockchain technology. The bank will serve clients that normal retail banks find less attractive because they have only very limited budgets and little or no money left at the end of the month.
Banking License to Follow Later
The company plans to go live in the second half of the year equipped with a fintech license issued by Finma, the banking regulator. If the company turns out to be successful, the founders later plan to apply for a full banking license.
Yapeal has a substantial growth potential, according to Balazs Klemm, one of its founders. He plans to grow quickly through partnerships in Switzerland and the rest of Europe.
The Blufolio investment in Yapeal comes as no surprise given that one of its advisers, Hans Kuhn, also acts as chairman of Yapeal.