Swiss challenger bank Alpian closed an $18m Series B round, less than a year after its $13.6m Series A round.
The latest funding will allow Alpian to further develop its digital offering and ensure that all operations are in place to achieve a successful launch, subject to regulatory approval.
Founded in 2019, Alpian aims to create a banking offering tailored to the mass affluent population – those with investable assets of between €90,000 and €1m – in Switzerland, which is worth an estimated €626bn.
Its core offerings include tailored investment boutique products, secured digital face-to-face access to experienced financial advisors and simplified banking services. It will combine private banking and wealth management services with everyday banking. Through a modernistic digital interface, Alpian leverages proprietary technology to develop scalable and personalised private banking.
Incubated by the private bank REYL & Cie, Alpian applied for a full banking license to Switzerland’s Financial Market Supervisory Authority (FINMA) with plans to launch its core product and services range in the course of 2021, subject to the issuance of a full banking licence by FINMA.
Commenting on the firm’s growth Alpian CEO Schuyler Weiss said, “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, subject to the issuance of a full banking licence by FINMA.”
Bullish about the startup’s trajectory, Alpian board member and partner at REYL Pasha Bakhtiar said, “This exceptional milestone is a strong testament to the talent and execution capabilities of the Alpian management team and the innovative mindset championed by Reyl & Cie. We are particularly proud that this incubated idea has flourished into a blooming company and has attracted broad investor interest as well as support from our strategic partner ISP-Fideuram.”
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