SWITCHO, conquering the banks’ customer base
Switcho is aimed at a B2C clientele, but also at small enterprises and VAT registered companies, and offers a service which helps to understand one’s own expenses and manage savings actions. It operates with two logics, a financial one, to always improve the starting situation of our user, and a simplification one, to manage all the bureaucracy related to the saving action. An app with access to current accounts will soon be launched, making it the first service in Italy to link a single transaction item to a savings action.
Switcho is currently at the end of its seed phase and has raised around €700,000 in private funding to date, in addition to another €700,000 from bank loans and state aid. It has opened a €1.5m round with which it will fund the growth of its community of Switchers as well as new product developments including entering new spending markets but also developing more fintech features related to spending tracking
The team was born in 2019 from the idea of its three founding partners: Marco Tricarico, Redi Vyshka and Francesco Laffi. The first two have experience in both strategic and finance consulting while Laffi has been the CTO of important digital companies. Over time, the team has grown in the areas of strategic planning and marketing, operations and product development, and totals now 15 employees with an average age of around 30 years, all in smart working from Milan, the rest of Italy and even Albania as far as operations are concerned.
From this year Switcho, as it grows, has started to collaborate with external companies in order to offer its service to their customer base. It is also talking with several banks as some studies conducted by the observatory of Fintech have noted that users who use the home banking service as a first requirement would like to see services related to the management of the payment of bills.