Zurich, Switzerland based bank digitization company Additiv has raised $21.3m in venture funding led by BZ Bank. Additiv provides systems to help with the digitalization of banks, asset managers and insurers.
As such it is a longer established fintech firm - the sector existed before it was a hashtag - that works with banks, such as RBS, in order to offer it 'white label' solutions that the financial institution (FI) can use as if they had developed it themselves. This enables FIs to compete with newer, more nimble fintech start-up firms that may want to displace banks, wealth managers, insurers or other incumbent financial services providers. Additiv's key software product is the Digital Finance Suite (DFS). It has offices in Switzerland, Hong Kong and Singapore, as well as an international network of reselling partners and customers around the world.