Alpian, a Swiss challenger bank, announced on Wednesday that it raised CHF 12.2 million (around $12.45) in a Series A funding round.
The bank is planning to use the funds to accelerate its growth and obtain a full banking license from the Swiss Financial Market Supervisory Authority (FINMA). Alpian is aiming to launch its fully licensed digital affluent bank next year.
Simplified banking to the riches
Founded in 2019, the Swiss bank is targeting high-value customers with its services, with an investable asset size between CHF 100,000 ($102,800) and CHF 1 million ($1.03 million).
According to the company, there is a high demand for banking services among this affluent demographic, and Alpian is trying to fill this gap.
Alpian’s core offering will include tailored investment boutique products, secure digital face-to-face access to experienced financial advisors, and simplified, transparent everyday banking services.
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“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,” Schuyler Weiss, CEO at Alpian, said.
“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.”
Alpian is taking a different approach than the other popular challenger banks in the market, like Monzo and Revolut. While those are trying to onboard as many customers as possible from the low and middle-income demographic, the Swiss bank is targeting the affluent.
The bank is possibly taking on giants like Goldman Sachs and Coutts, undercutting them in fees and wealth requirements.
“Alpian started as an incubation project at REYL but we soon realized the full potential of this unique, ground-breaking value proposition,” Pasha Bakhtiar, a partner at REYL, said. “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.”