Alpian, the Geneva-based digital private bank, recently published its 2024 annual report showing significant growth in client base and assets under management, despite widening financial losses. The report comes at a time when the bank has also faced unsubstantiated claims on social media platforms that required direct intervention from the company.
Financial Performance: Growth and Challenges
The 2024 annual report reveals a bank in a clear growth phase but still navigating the financial challenges typical of early-stage fintech companies. Most notably, Alpian's client base expanded nearly ninefold in 2024, while clients' invested assets almost tripled compared to the previous year.
This growth came at a significant cost, however. The bank reported a net loss of CHF 29.4 million for 2024, compared to CHF 23.1 million in 2023. According to the report, this planned deficit aligns with Alpian's "long-term strategy of investing in sustainable growth and innovation."
Several key financial indicators highlight both Alpian's progress and challenges:
- Gross banking revenues increased sixfold, while related costs (excluding client acquisition) remained stable
- Client acquisition costs per customer decreased by 84%, reflecting improved operational efficiency
- Commission expenses rose substantially to CHF 1.3 million (compared to CHF 82,000 in 2023), reflecting an aggressive client acquisition campaign
- Assets under management grew to CHF 26.26 million, up from CHF 9.05 million in 2023
- Operating expenses increased by 23.7% to nearly CHF 25 million, driven by platform investments and new product development
Corporate Developments
A significant corporate milestone in 2024 was Alpian becoming majority-owned by Fideuram – Intesa Sanpaolo Private Banking in August. This development brought the digital bank under the umbrella of the Intesa Sanpaolo Group, one of Europe's largest financial institutions. According to the report, this change "underscores the strength of our business model and opens new opportunities to leverage the expertise and scale of one of the leading private banks in Europe."
Social Media Controversies
Beyond its financial reporting, Alpian has recently faced challenges in the social media sphere, particularly on Reddit. Posts on platforms like r/SwissPersonalFinance have made claims about account freezes and questioned the bank's stability. These posts appeared to gain traction following news about other Swiss fintech companies facing difficulties, including announcements about Swiss4 entering liquidation.
In response, Alpian took the unusual step of directly addressing these claims on the platform. The official response categorically denied the allegations, stating they contained "false and misleading claims" and emphasizing Alpian's status as a fully regulated Swiss bank under FINMA supervision.
The company clarified several key points:
- Client deposits are protected up to CHF 100,000 per Swiss deposit insurance law
- Investment assets are segregated and held in clients' names
- Account freezes occur only in legally required situations such as AML triggers
Alpian further stated that it now serves over 20,000 clients, suggesting substantial growth beyond what was reported in the annual report.
Perspectives d'avenir
For 2025, Alpian's stated vision remains focused on scaling its operations by increasing both client base and client assets, with "a strong emphasis on strengthening recurring revenues." The bank has committed to continued innovation and launching new services to enhance the customer experience.
The backing of Intesa Sanpaolo Group provides financial stability as Alpian works toward profitability, though the timeline for reaching break-even remains unclear from public statements.
As the digital banking landscape in Switzerland continues to evolve, with some competitors facing difficulties, Alpian's ability to manage its growth trajectory while narrowing losses will be crucial to its long-term viability in the competitive Swiss banking market.