Cembra Money Bank
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| Company type | Joint-stock company |
|---|---|
| ISIN | CH0225173167 |
| Industry | Financial services |
| Founded | 2013 (initial public offering, formerly GE Money Bank) |
| Headquarters | , Switzerland |
Key people | |
Number of employees | 865 (2024)[1] |
| Website | www |
Cembra Money Bank AG is a Swiss credit institution headquartered in Zurich-Altstetten.[2] Cembra operated under the name GE Money Bank until its IPO in early November 2013 and was part of the General Electric Group. Since November 2013, the credit institution has been listed on the Swiss stock exchange. Its main shareholders are currently UBS Fund Management (Switzerland), Swisscanto Fondsleitung AG and BlackRock Inc.[3]
Bank Prokredit was founded in 1912. In 1998, it came under the wing of GE Capital, which, the year before, had already acquired another Swiss consumer credit business, Bank Aufina, founded in 1953. It was not until 2006 that Prokredit, which had previously belonged to UBS, and Bank Aufina merged under the name GE Money Bank.[4]
This was followed by the IPO as Cembra Money Bank AG in the fall of 2013.[5] The successful IPO is considered the first major IPO on the Swiss stock exchange in a long time.[6] The name Cembra is derived from the Latin name for the Swiss stone pine pinus cembra and symbolizes the brand values of Cembra.[5] In 2019, Cembra acquired cashgate AG from the Aduno Group.[7] In the first year of the COVID-19 pandemic (2020), accounts receivables dropped by 4% to CHF 6.3 billion.[8]
In spring 2023, Cembra launched the new business unit CembraPay and bundled its subsidiaries Swissbilling and Byjuno into it. The launch of the new brand was a further step in the expansion of the Buy Now Pay Later (BNPL) business.[9] As part of this strategy, Swissbilling's invoice payment service was also integrated into the Swiss mobile payment app TWINT as a pay later feature during checkout, thereby offering digitalized invoice payments directly within the app.[10]
