Four years after its launch, the financial app Yuh is to be fully owned by the online bank Swissquote. Postfinance is selling its 50 percent stake in the joint venture to the previous partner for CHF 90 million.
The timing for this step was ideal for all parties involved, the Swiss Post subsidiary announced on Friday. With just one owner, Yuh can be developed more efficiently and in a more targeted manner in future. Postfinance wants to concentrate more on expanding its strategically central business areas.
"Four years ago, neobanks were still exotic. A joint development was an obvious choice," said Swissquote CEO Marc Bürki in retrospect in an interview with the news agency AWP.
In the meantime, however, "everything in banking has merged somewhat". It would be easier if Yuh only had one owner. The deal therefore "came about naturally."
In Switzerland, especially in Zurich, there are a lot of idiots out and about again. If you, left-wing autonomists, don't want banks, you can be your own bank. $BTC (-0.2%) be your own bank. $SQN (-3.94%)
Recently entered with a small position. However, SQN urgently needs to bring neo-banks on board, otherwise it could become scarce in the future... also, apart from trading, the offering is not particularly well developed. SQN is successfully snapping up middle-class investors, but has not yet tapped much potential in other customer groups (unfortunately).
