Wealthtech Alpian has secured CHF19m ($20.3m) in Series B+ funding, as well as a banking license from FINMA.
As a result, Alpian will shortly launch its alpha release to internal employees with services to the public released by Q3 2022.
Combining machine and human intelligence, the wealthtech aims to introduce private banking services and investment expertise to the Swiss affluent. The clients will have access to support and guidance from Alpian’s wealth advisers.
In addition, the firm has merged everyday banking features with its digital client experience. This includes a simple foreign exchange and bank transfer service, an exclusive metal debit card with in-app controls and a chat interface.
Schuyler Weiss, CEO of Alpian, commented: “Since 2019, we have built what will become Switzerland’s first digital private bank. With the funds raised during the Series B+ and with its new standing as a licensed Swiss bank, Alpian is well equipped to launch its offering and to start the process of earning the trust of each and every one of its future clients.”
Pasha Bakhtiar, REYL Intesa Sanpaolo Partner and Chairman of the board at Alpian, added: “We are proud to have passed these two milestones on our way to delivering a truly unique and bespoke digital private banking offering. The successful journey so far is a testament to the resilience and dynamism of the Alpian team, as well as the vision of REYL Intesa Sanpaolo in incubating Alpian.”
Temenos SaaS technology, including Temenos Transact, core banking, and Temenos Payments, will enable the new player to rapidly launch and deliver its services.
It plans to tap the market of 2.6 million mass affluent customers in Switzerland currently unattached. However, this market holds CHF660bn in assets, according to the company.