Alpian, a Switzerland-based digital financial services provider incubated by private banking firm Reyl and Cie, received Sfr12.2m ($12.5m) of series A funding from undisclosed investors on Tuesday.
Spun out from Reyl and Cie in October 2019, Alpian plans to launch app-based digital bank catered to Switzerland’s mass affluent population, in particular those with an investible asset worth of between $103,000 and around $1m.
The series A capital will aid its market trajectory and help prepare its submission for a full Swiss banking licence next year.
Alpian plans to offer customers “digital face-to-face” consultations, along with more familiar services such as day-to-day banking and boutique investment products. It cites research suggesting 70% of its target market would consider a bank with no physical outlets.
Pasha Bakhtiar, partner at Reyl and Cie, 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 this impressive Series A round demonstrates the confidence investors also have in the blue ocean space we have identified.”