The financial terms of the deal were not disclosed.

Geneva-based Reyl & Cie, the private bank and financial group, has acquired a stake in Aspiration, a Los Angeles-based online bank, during a Series B funding round.

The investment marks the bank’s first step into digital banking and fintech, which is part of its pledge to bolster its digital banking operation, the firm said in a statement.

Reyl, which invested alongside Allen & Company, Omidyar Network, Capricorn Investments, and US entrepreneur Joseph Sanberg, did not disclose how much it invested.

The Swiss bank will be a member of Aspiration’s advisory board as it looks to encourage the expansion of the online banking firm into international markets.

Launched in 2015, Aspiration offers banking, investing and retirement products that help people improve their own financial situations while making a positive difference in the world. On an annual basis, Aspiration customers transact over $2 billion on its platform.

“Innovation and the entrepreneurial spirit are at the core of Reyl’s DNA. This investment came naturally as we share the same values and vision as the team at Aspiration,”said François Reyl, chief executive of Reyl. “We are aware that one of the banking industry’s biggest challenges lies with developing a digital strategy that will not only focus on acquiring a new client base but also fundamentally enhance the quality, flexibility, pricing and transparency of the services delivered to existing clients. Here we are setting the wheels in motion on both fronts.”

In November, this publication reported that Reyl & Cie had entered a binding agreement to sell its 45 per cent stake in RAM Active Investments to Italy’s Mediobanca, fitting with a strategy by the Swiss firm to focus more on core wealth management and a growing corporate advisory line.