Valora establishes bob Finance AG and expands into online finance

23.06.2015 / 07:00 / Stories

Muttenz, June 23, 2015

Media release - Medienmitteilung - Communiqué de presse

Valora establishes bob Finance AG and expands into online finance

Valora’s initiative to extend the range of financial services it currently offers will have fintech company bob Finance at its core. The strategic cooperation agreement which Valora has signed with the Cantonal Bank of Glarus (GLKB) is an ideal partnership for launching innovative online financial products, including credit.

bob Finance AG (bobfinance.ch) is based in Zurich and is part of the newly created Valora Lab. Valora Lab’s remit is to develop digital products and services for the Valora Group.

 

With its money transfer and ok.- prepaid card offerings, Valora’s nationwide retail network is already delivering financial services to its customers successfully today. Fintech startup bob Finance AG will expand this to a multi-channel offering which meets the growing needs of digitally-minded customers who want the convenience of good financial solutions online. bob Finance will focus on the development and marketing of new online finance services.

 

Valora’s CEO Michael Mueller commented, “The GLKB is one of the most innovative banks in Switzerland in online services. That expertise, coupled with Valora’s retail skills, creates a partnership with uniquely favourable prospects for developing new products and services for today’s customers. A forward-looking range of online financial products will ideally complement Valora’s existing range of services, as well as demonstrating Valora’s innovation capabilities.”

 

GLKB’s CEO, Hanspeter Rhyner, also sees significant potential in this cooperation with Valora. “In recent years, the Cantonal Bank of Glarus has made a name for itself as an innovator in digital financial-product offerings. In entering into this strategic cooperation with Valora, the GKLB is consistently pursuing its dual-strategy approach. Our objective is further to extend the clear leadership position we have established in our domestic market and to develop attractive niche businesses through online distribution and by working with partners, such as Valora.”

 

Details of these new products will be announced by bob Finance AG as they are launched in the months ahead.