Alpian raised $18 million from new shareholders as it eyes a launch in the Swiss market later this year – pending regulatory approval.
The Geneva-based digital upstart won the funding from family offices and ultra-high net worth individuals, CEO Schuyler Weiss told finews.com on Thursday. This follows an $12 million funding last April, primarily from Reyl, which didn't participate in the current round.
Alpian will use the money to meet the fully paid-up capital requirements to become a Swiss bank as well as to launch its Swiss market offering, Weiss said. The offering is pitched at affluent clients, which it views as an $710 billion mass market in Switzerland alone.
The aspiring bank plans to launch in the third quarter, though this is dependent on its application for a banking license from Switzerland's financial regulator. «Alpian is confident that it has demonstrated its capability to operate as a bank within Switzerland, but ultimately the decision rests solely with Finma,» Weiss said.
