Switzerland-based new digital financial services firm Alpian has secured CHF 12.2m ($12.5m) in a Series A funding round to accelerate its growth plans.
The company plans to utilise the funding to obtain a full banking license from the Swiss Financial Market Supervisory Authority (FINMA), and launch as a fully licensed digital affluent bank in 2021.
In addition, Alpian intends to create an advanced new banking offering, customised for the mass affluent population in Switzerland, worth an estimated CHF 660bn ($615bn).
The company is originally incubated by Swiss banking group REYL & Cie.
Alpian CEO Schuyler Weiss said: “With Alpian, we will introduce a new way for affluent clients to bank that is attuned to how they want to manage their wealth. 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.
“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.”
Alpian will benefit from REYL’s experience in banking and wealth management
According to an independent market research, Alpian’s core business model shows how existing retail and private banking providers are failing to fully address the fundamental needs of this segment.
In addition, the research found that 40% of the affluent demographic are looking for a new bank and 70% would be open to using a bank with no branches at all.
Alpian said that its core offerings include customised investment boutique products, simplified everyday banking services, along with secure digital face-to-face access to financial advisors.
The company is expected to leverage its advanced and disruptive technology to develop scalable, personalised private banking, through a modernistic digital interface.
REYL partner Pasha Bakhtiar said: “Alpian started as an incubation project at REYL but we soon realised the full potential of this unique, ground-breaking value proposition.
“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.”
