Alpian, a Swiss neobank launched by REYL, announced that it has secured CHF 12.2 million (around $12.5) in a Series A funding round.
Geneva-based REYL is set to launch Switzerland’s first digital private bank in 2021. Target customers are those who posses investible assets of between CHF100,000 and CHF1 million.
REYL’s wealth manager said they estimate 2.6 million potential clients in Switzerland with 660 billion Swiss francs ($680 billion) in assets to bank.
The idea is to offer qualities of traditional wealth management – trust, access to capital, industry expertise – but yet have the disruptive, entrepreneurial mind-set of a digital start-up.
Alpian has just applied for its own Swiss banking license recently and wants to be market-ready by the first quarter of 2021, pending regulatory approval.
The most interesting thing about Alpian is the difference in approach to the market. Unlike other challenger banks i.e. N26 and Revolut, who are catchall in terms of attracting customers which provides them many of the low and middle-income demographic, Alpian bank is taking a very Swiss way in targeting only the affluent.
Schuyler Weiss, CEO, Alpian, says: “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,” he added.