The Swiss fintech scene is going through turbulent times: Radicant, the digital project of Basellandschaftliche Kantonalbank (BLKB), recently had to take heavy write-downs and is struggling to define its strategic direction. finews.com recently asked whether «an end with horror» would not be better here than «horror without end.» Coop Finance+ was shut down after a short time, as finews.com also reported. Meanwhile, Revolut seems unstoppable. The British neobank is scaling globally and reports “over one million customers in Switzerland.”

In this environment, Alpian – which, like Radicant, has held a banking license from the Swiss Financial Market Supervisory Authority (Finma) since 2022 – is positioning itself as a fast-scaling startup for the «mass affluent,» meaning clients who have investable assets but not enough to qualify for private banking.

Strong Balance Sheet Growth

As finews.com reported back in May, Alpian more than doubled its balance sheet total between the end of 2023 and the end of 2024.

In response to inquiries from finews.com, the bank specified the drivers: the increase reflected two factors – «a capital increase of 42 million francs in 2024» and «a significant rise in customer deposits, which more than tripled from 35,6 million to 126,4 million francs.»

Now at 25'000 Customers

The bank added: «Our growth is not only equity-driven. It is supported by Swiss clients who entrust us with both their day-to-day banking and their long-term investments.»

Customer numbers surged: from 276 at the beginning of 2023 to over 17'000 by the end of 2024; currently, «we have surpassed 25,000 customers,» Alpian told finews.com.

New Products

At the same time, Alpian said acquisition costs per customer had fallen by 84 percent; «more than 30 percent of new customers now come via referrals.»

Products such as ETF savings plans starting at 2,000 francs and virtual cards have resonated particularly well; in 2025, savings accounts in francs and recurring investments were added. The latter were «adopted by more than 13 percent of our investors within less than 90 days.»

Retailization Rather Than «Mass Affluent»?

So far, the metrics point to a strongly retail-driven profile. At the end of 2024, customer deposits totaled 126,4 million francs, while invested assets («managed assets») stood at 26,26 million francs (compared with 9,05 million the previous year).

Broken down across the more than 17,000 customers reported for 2024, this equates to around 7'400 francs in deposits per person and about 1,500 francs in invested assets – figures that reflect payment transactions and savings more than wealth management.

Deep in the Red

The promise to target the «mass affluent» with substantial investment tickets is so far only partially reflected in such averages.

On the results side, Alpian remained deeply in the red: the annual loss widened to –29,4 million francs in 2024 (2023: –23,2 million). Accumulated losses amounted to over 57 million francs at the end of 2024.

What the CEO Says

CEO Gianmarco Bonaita countered in comments to finews.com: «These are planned investments. Revenues have already increased sixfold, while costs (excluding acquisition) have remained stable. This proves the scalability of our structure.»

Strategically, Alpian distinguishes itself from both neobanks and traditional private banks, Bonaita continued: «Alpian is the first bank in Switzerland dedicated exclusively to the mass affluent.» For this segment, he said, the bank combines «everyday banking, disciplined saving, and professional investing in a holistic offering.»

Further Capital Rounds Planned

The bank said operational breakeven is expected within «the typical timeframe of five to seven years»; «the next planned capital tranches will be executed within the next twelve months.»

Thanks to its digital infrastructure, the bank claims to operate with costs around 40 percent lower than traditional banks. Compared with digital providers without a banking license, Alpian also sees itself at an advantage in the long term, as it faces no risk of cost increases from external custodian banks.

Intesa Rolling Out Alpian Technology Across Europe

Since August 2024, the company has been majority-owned by Fideuram – Intesa Sanpaolo. Alpian stressed: «We remain a Swiss bank with a Finma license and independent governance… At the same time, we can draw on the scale of one of Europe’s strongest financial groups.»

Through the group, Alpian also gains access to major fund providers and can launch «a 3a product in partnership with Fondation de Prévoyance Lemania.»

For the owner, this is a strategic investment, Alpian said. This is illustrated by the fact that Alpian technology forms «a central pillar in Intesa’s European digital wealth management.»

Next Tests Ahead

Despite a clear strategy and solid customer growth, Alpian’s prospects remain challenging. The bank must still demonstrate:

A) that its offering for the «mass affluent» can scale widely enough in the limited Swiss market;
B) that it can convert its currently retail-heavy customer base into more profitable wealth management clients;
C) that it can deliver on its promise to combine the low costs of a digital company with a private banking-style approach to investing.

Patient Anchor Investor

One key advantage over Radicant and Coop Finance+ lies with Alpian’s ownership: with Intesa Sanpaolo, the bank has a strategic investor with long-term staying power, apparently willing to invest substantially for several years. Alpian is dependent on this support, given its heavy operating losses.

The path to replicating a Revolut-style success story on a small Swiss scale remains a long one.