digital bank onyx private The company is reportedly changing its business model and “moving away from a B2C model.”
The company is not shutting down, Onyx Private CEO Victor Santos told TechCrunch. report Posted on Monday (March 18th).
When asked by TechCrunch about the emails Onyx Private sent to customers, Santos said: The company said it would suspend the service and begin closing all related accounts starting March 13, the date of the email, with final closures to be completed in April. According to the report, on the 14th.
According to the report, Onyx Private's new business model includes working as a business-to-business (B2B) service for financial institutions (FIs) looking to launch digital apps for young, affluent consumers. platform, it added.
According to the report, Mr. Santos also denied reports that Onyx Private was facing regulatory challenges and cited such implications for the company's decision to end its business-to-consumer (B2C) services offering. He said there were no issues involved.
“This is a purely strategic decision to leverage our existing financial institution infrastructure and leverage the technology we have built to scale in a more capital efficient manner,” Santos said in the report. has become possible.”
The report comes about 10 months after Onyx Private raised $4.1 million in a funding round, according to a report on May 22, 2023. It said it aims to provide banking and investment services. report Written by TechCrunch.
At the time, Onyx Private partnered with the following companies to provide banking services: pyrmont bankInvestment services linked with ; helium advisor And that new york mellon bank's pershing; “Lifestyle Concierge” service provided via a digital personal assistant.
The company aims to serve lawyers, doctors, tech workers, and other wealthy professionals, and claims to be a private bank that “democratizes tools that are only available today to the 'ultra-wealthy.'” Santos said at the time.
In another recent development, digital banking Space, a UK banking-as-a-service (BaaS) platform griffin announced on March 10 that it has received approval from the UK Financial Services Regulator to launch as a fully operational bank.
In January, i2c and bank of missouri (TBOM) has partnered to help create fintech companies digital banking product. Together, the companies will help fintech companies offer checking and savings accounts, consumer and small business loans, credit cards, rewards programs and virtual cards.
