Alpian is aiming to reach 5,000 clients in Switzerland by the end of the year.
The fees are expected to be substantially lower than traditional private banks.
The digital bank obtained a Swiss banking license and CHF 19 million from Intesa Sanpaolo. In several funding rounds, Alpian obtained approximately 48 million Swiss Frances. In addition, it is aiming to reach 5,000 clients by the end of 2022. A branch in Zurich is expected to be operational by the end of the year.
The bank is targeting individuals with assets between CHF 100,000 to CHF 1,000,000. The fees were not revealed but the bank said they will be lower than fees charged by traditional private banks.
Private banks such as Julius Baer often provide their full services to high-net-worth clients (at least several million dollars). What Alpian is striving to achieve is providing similar services for smaller clients.
As the world is in front of a new digital era, many young investors may consider Alpian's banking services.
Schuyler Weiss, the CEO of Alpian, said, “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.”
Flynt Bank's Failure
Flynt bank, backed by Jan Schoch, attempted to enter the digital space by offering private banking services. After securing a banking license from Finma the bank's financial services were halted.
Flynt bank targeted wealthy investors and entrepreneurs in Switzerland. As the project struggled to take off, it was forced to relinquish its banking license.
Alpian's lower threshold (CHF 100,000) may allow it to penetrate a larger segment of the market. At the end of the year, its success may be assessed if it is able to reach over 5,000 customers.
