YC-backed digital bank Onyx Private tells customers it’s closing their accounts
Reading Time: 2 minutesMiami-based Onyx Private, a Y Combinator-backed digital bank that provided banking and investment services for high-earning Millennials and Gen Zers, is terminating its bank operations.
Y Combinator has listed the company as ‘inactive’ on its website, something Santos could not explain. (Update: The text has since been updated post-publication).
He said Onyx will be shifting to a ‘B2B white-label platform-as-a-service model for community banks, regional banks, and credit unions’ that want to launch digital apps built for young affluent consumers. Santos claimed that Onyx had been exploring the idea over the past year and had made developments with some partners.
Less than a year ago in May, the startup announced that it had raised $4.1 million in venture funding from investors such as Village Global, Y Combinator, Global Founders Capital, One Way Ventures, 186 Ventures and Olive Tree Capital. At that time, the company said that since its launch nearly a year prior, Onyx Private – which said it wanted to be the ‘next generation UBS’ – had grown 30% month-over-month and was processing over $4 million in transaction payment value per month. It also claimed to be nearing $5 million in TPV (total payment volume).
He added: ‘It was purely a strategic decision that allowed us to leverage the base of existing FIs [financial institutions] and use the technology we have built to scale in a more capital-efficient manner.’
In the email, banking customers were told that the shut-down will take place on April 14 but that ‘cessation of our rewards program’ was ‘effective immediately.’
Ref: techcrunch
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