Alpian, a digital-first private bank aimed at Switzerland's mass affluent market, has raised US$18 million in a Series B funding round
Alpian, incubated by Swiss banking group Reyl & Cie, is planning to launch this year - subject to getting its full banking license from Switzerland’s Financial Market Supervisory Authority.
The startup is targeting a sizeable demographic in Switzerland - those with investible assets of between CHF100,000 and CHF1 million.
It is planning to entice these mass affluent clients by using a combination of machine intelligence and human advisors to create unique portfolios that are aligned to personal "preferences, beliefs, philosophies and goals".
Besides the core private banking offering, each account will come with a debit card and multi-currency account. Alpian is also investing in the creation of educational content on financial matters through its recently launched i-vest platform.
Schuyler Weiss, CEO, Alpian, says: "While the Series A fundraising was conducted to build the digital bank, the Series B fundraising is intended to be principally used to launch the bank in the Swiss market.
"This approach ensures that Alpian will be in a strong position to provide the best service to customers later this year subject to the issuance of a full banking licence by Finma."