Imagine your company needs money at short notice – for a new machine, a larger order or simply to bridge a gap. The first thought of many entrepreneurs: go to the bank. But a recent study by Lucerne University of Applied Sciences and Arts (in collaboration with PostFinance, Tellco and Kamuno) shows that this is no longer the only – and often not the fastest – route.
SMEs are the backbone of the Swiss economy
The figures from the study speak for themselves: 99 percent of all companies in Switzerland are SMEs. Yet financing is still not straightforward for many. According to the findings, around one third of SMEs finance themselves from own funds, one third via classic bank loans – and one third via alternative routes outside the bank.
Another finding is especially striking: around 16,000 Swiss SMEs are considered “discouraged”. That means they do not apply for a bank loan at all because they expect little success. The study therefore concludes that today’s bank offering only partly covers many SMEs’ need for fast, simple and affordable solutions. This is exactly where what the study calls the “financing ecosystem” comes in.
What is a financing ecosystem?
In simple terms: a digital network of banks, platforms, software providers and data partners that give SMEs access to capital in different ways. The study distinguishes two large areas that until now tended to operate separately:
- Liquidity management: Keep payment flows under control, spot gaps early, plan cash flow.
- Lending: Compare, apply for, assess and receive loans.
These two worlds are increasingly merging. Instead of separate processes, a continuous system emerges – from accounting software through to loan payout.
Three trends SMEs should know
The study identifies three central developments in the financing ecosystem:
- 1. Technology: Artificial intelligence, cloud solutions and standardised interfaces (APIs) drive digitisation. According to the study, this enables true end-to-end digitisation: from onboarding and credit assessment through to payout – automated and clearly faster than before.
- 2. Market: The study observes consolidation and new growth at the same time: some providers disappear or merge, others specialise and grow in niches such as peer-to-peer lending or direct lending.
- 3. Regulation: Topics such as Open Finance and Instant Payments change the rules. According to the study, banks must be able to receive payments in real time by the end of 2026 – which also places new demands on SME liquidity management, as money can move around the clock.
Embedded Finance: credit comes to you, not the other way around
A term that appears again and again in the study is “Embedded Finance” or “Embedded Lending”. It means financing offers are built directly into the places SMEs already work – for example in accounting software or at the payment terminal. One example: the partnership between neo-bank Yapeal and fintech Kamuno, which offers exactly such embedded credit solutions for Swiss SMEs.
The future vision sketched in the study goes further: as soon as accounting software signals a possible liquidity gap, matching financing options are shown automatically – and can be drawn directly if needed, without a separate bank application process.
What does this mean for you as an SME?
The study draws clear conclusions that matter for you as an entrepreneur:
- It pays to know alternative financing routes instead of relying solely on your house bank.
- Digital platforms and comparison services make it easier to compare offers and find suitable terms.
- Integrating financing into existing software tools will keep growing in the coming years – and can simplify processes noticeably.
- Companies that use digital accounting or ERP solutions are well placed to benefit from these new embedded financing offers.
In short: the Swiss SME financing ecosystem is changing. For companies that means more choice, more speed – and the chance to experience financing as a natural part of day-to-day business instead of a tedious extra task.
About the study
This article is based on the report “Das Schweizer KMU-Finanzierungsökosystem – Marktüberblick, Entwicklungen und Implikationen” by Dr Thomas Fischer, Lucerne University of Applied Sciences and Arts (Institute of Financial Services Zug IFZ), published on 26 August 2026 in collaboration with Kamuno as study sponsor. The study maps the key actors in the Swiss financing ecosystem and examines technological, market and regulatory developments in detail.