Switzerland-based firm Alpian has secured CHF 12.2 million (appr. $12.54 million) through a Series A investment round.
The funds raised will be used to establish a digital-first private bank, which will cater to the nation’s affluent market.
As noted in a company release:
“Independent market research demonstrates how existing retail and private banking providers do not fully address the fundamental needs of this segment. Amongst this demographic, 40% are looking for a new bank and 70% would be open to using a bank with no branches at all.”
Alpian was incubated by Reyl & Cie, a leading Swiss banking group. The initiative is expected to launch next year. It will aim to serve a large demographic in Switzerland, which includes individuals with investible assets of between CHF 100,000 (appr. $103,000) and CHF 1 million (appr. $1.03 million).
Pasha Bakhtiar, partner at Reyl & Cie, confirmed that Alpian began as an incubation project, however, his firm soon realized the high potential of its products. He claims that the company has been able to secure substantial funding because of its unique value proposition.
The venture’s main offering will include customized investment boutique products, secure digital face-to-face access to senior financial advisors, and user-friendly, transparent day-to-day banking services.
Alpian says it will offer a “modernistic digital interface,” which will use proprietary technology to offer a scalable, personalized private banking platform.
Schuyler Weiss, CEO at Alpian, stated:
“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.”