Digital banking startup Yapeal has become the first company to be granted a fintech banking license by Swiss authorities.
Switzerland introduced fintech licenses last year in a bid to boost innovation in the sector, enabling small players to enter the market, albeit with the restrictions of a CHF100 million cap on deposits and a ban on investing and paying interest on funds.
Yapeal is the first firm to get a license from the Financial Market Supervisory Authority, paving the way for it to launch its service, promising to "redefine the way people handle their money".
The Zurich-based firm will offer the usual array of budgeting and money management tools as well as a Visa debit card, services tailored for children and a simple flat fee.
Yapeal is also stressing that it will be community driven, inviting its "Yapsters" to interact and exchange insight as well as help guide product development.