Adding to the already-intense competition among neo-bank startups that have popped up in the last few years, Swiss fintech startup Alpian is now gearing up to launch later this year. It has now secured the Finma banking license and €18.72 million in Series B+ funding to tap Switzerland’s mass affluent market.
The new license and the funding will go a long way in enabling the startup to launch to the public in Q3 2022, to become Switzerland’s first digital private bank. The latest funding comes from Reyl Intesa Sanpaolo majority owner, Fideuram - Intesa Sanpaolo Private Banking. The funding will directly support the deployment of its whole range of services in Switzerland, comprising both private banking and everyday banking services.
Schuyler Weiss, CEO, Alpian, said: “With the funds raised during the Series B+ and with its new standing as a licensed Swiss bank, we are well equipped to launch our offering and to start the process of earning the trust of each and every one of its future clients.”
Pasha Bakhtiar, partner, REYL Intesa Sanpaolo and chairman, Alpian, added: “These are two milestones on our way to delivering a truly unique and bespoke digital private banking offering.”
Incubated by Swiss banking group Reyl Intesa Sanpaolo, the startup will roll out the platform to its internal employees before a full public launch in the third quarter. It is targeting a sizeable demographic in Switzerland - those with investible assets of between CHF 100,000 and CHF1 million.
The hybrid model combines a secure, state-of-the-art banking experience with the support and guidance of its qualified wealth advisors, giving affluent clients access to a service normally reserved for those at a traditional private bank.