The neobank is hiring a former Credit Suisse banker in a key management role.
Zurich-based Yapeal is appointing Thomas Wechsler (pictured below) as its chief operating officer, effective immediately, it said in an emailed statement on Monday. He replaces Enrico Bauer, who Yapeal said had stepped down in April. Bauer couldn't immediately be reached by finews.com.
Wechsler is a former top executive of NAB, a local lender until now run as a subsidiary of Credit Suisse, its parent. The larger Swiss bank last year opted to integrate NAB in a money-saving drive.
The Swiss start-up, which is developing a digital bank based on blockchain technology, was the first fintech to win a license from Swiss financial regulator Finma. Yapeal is among a crop of upstarts like Revolut, Neon, and N26 which are seeking to disrupt traditional lenders. Credit Suisse has responded with its own digital project, dubbed CSX.
