Carouge-based fintech startup Alpian, incubated by the Swiss banking group REYL, has secured an €11.5 million Series A funding round, at a valuation of €53 million, several months before launch. The company plans to apply for a full banking license from Swiss regulator FINMA, which places the projected launch date sometime in 2021.

The company’s “unique, ground-breaking value proposition” is to provide digital banking to rich people. In a press release, Alpian says its financial services will target the “mass affluent” population of Switzerland, the class of people with investable assets between 100,000 to 1,000,000 CHF (approximately €95,000 to €1 million), a group reportedly worth a collective 660 billion CHF (€624 billion). The company says this is an untapped segment in digital banking.

“We will introduce a new way for affluent clients to bank that is attuned to how they want to manage their wealth,” says Alpian CEO Schuyler Weiss. The press release cited market research that claims 40 percent of the “mass affluent” are looking for a new bank and 70 percent would be open to an online-only option.

The financial services will include tailored investment products, video calls with personal financial advisors, and the easy online banking that is now standard to neobanks — once the banking license is awarded. Weiss said the Series A funding will help the Swiss startup reach “full technological and operational readiness over the coming months”.

Photo: CEO Schuyler Weiss

Comments are closed.