Zurich based fintech FQX has secured a $4.7 million investment in the latest seed round. The latest seed round was led by Earlybird Venture Capital and also featured SIX Fintech Ventures and unicorn hybris co-founder Carsten Thomas.
“Short-term financing markets are widely fragmented and inefficient today, with $65 trillion+ in annual transaction volumes globally. The eNote by FQX is a truly disruptive instrument to untap liquidity in those markets.” Earlybird Partner Dr. Christian Nagel.
FQX is developing a short-term financing and payment instrument, the eNote, which the funding should help expand. Banks and fintechs can also integrate the eNote infrastructure into their financing platforms.
“Closing the trade finance gap and enabling SMEs is a top priority of the ICC. Electronic promissory notes as offered by the FQX eNote infrastructure is a fantastic example of how new business models and technology can bridge the trade finance gap.” Oswald Kulyer from the International Chamber of Commerce.
FQX was Founded in 2019 by Frank Wendt, Benedikt Schuppli, Dr. des. Stephan D. Meyer, and Dr Philipp von Randow, and it has a patent-pending authentication mechanism based on regulated electronic signatures provided by telecommunications provider.
What is an eNote
According to paypers, "The eNote is an unconditional promise, based on blockchain technology, to pay a specific sum to another party at a specific future date and can be flexibly sold and transferred to any third party." "eNotesTM are based on ‘promissory notes’, which were formerly a written legal instrument, in which one party promises to pay a determinate sum of money under specific terms."
Switzerland in focus
GDP: $703.082 billion compared to Austria $445.075 billion in 2019
Population: 8,575,280 compared to Austria 8,879,920 in 2019
GDP per capita: $81,989 compared to Austria $50,121 in 2019