Swiss digital financial services startup Alpian has today announced that it has raised CHF 12.2m ($12.4m) in Series A funding to launch a digital bank targeting the country’s high net-worth population.
The company is developing a digital bank targeting those with investible assets of between CHF 100,000 and CHF 1m ($101,000 and $1m), a market believed to be worth CHF 660bn in Switzerland ($672bn).
Alpian claims that current retail and private banking products in Switzerland do not effectively cater to this market, citing independent research that found 40% of this demographic were seeking a new bank, and 70% would use a bank without physical branches.
The company plans to launch a “fully licensed digital affluent bank” in 2021, which will include investment products tailored to this market alongside “simplified, transparent, everyday banking services”. Alpian will also provide access to financial advisors through secure video calls.
“With Alpian, we will introduce a new way for affluent clients to bank that is attuned to how they want to manage their wealth,” said Alpian CEO Schuyler Weiss.
“Our approach is client-centric first and foremost, with technology and innovation underpinning everything we do. As we develop our technology, we will be able to scale operations swiftly while maintaining the exceptional service standards set for each and every client interaction.”
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Alpian funding shows confidence in affluent digital banking proposition
Alpian was incubated by Swiss banking group REYL & Cie, which sees the startup’s proposition as offering considerable potential within the country’s financial services space.
“Alpian started as an incubation project at REYL but we soon realised the full potential of this unique, ground-breaking value proposition,” said Pasha Bakhtiar, partner at REYL.
“The fact that Alpian has secured such an impressive Series A round demonstrates the confidence investors also have in the blue ocean space we have identified. My partners and I are immensely trusting in the quality of the Alpian team and we are excited to accompany them on the next stages of the journey.”
The Series A funding will enable Alpian to accelerate its growth and apply for a full banking licence from the Swiss Financial Market Supervisory Authority ahead of its 2021 launch.
“The genesis of Alpian comes from the clear vision of our experienced and well diversified team. This brings with it an ability to execute our vision, unimpeded,” said Weiss.
“Securing the Series A funding is a testament to our business fundamentals and our ability to execute. Furthermore, it is a big step towards reaching full technological and operational readiness over the coming months.”