Onyx Private, a digital bank dedicated to high-earning Millennials and Gen Zers, has reportedly attracted an impressive $4.1m funding round.
Recognising the financial needs of affluent professionals, Onyx Private aims to provide a personalised banking experience that suits their lifestyle.
The investment was received from a diverse group of supporters, including Village Global, Y Combinator, Global Founders Capital, One Way Ventures, 186 Ventures, and Olive Tree Capital, according to a report from TechCrunch. This collective investment demonstrates confidence in Onyx Private’s unique approach to private banking.
In partnership with Piermont Bank, Onyx Private provides digital banking services tailored specifically to high earning younger professionals. These include checking accounts, debit cards, and cash back on payments and purchases. Alongside this, Onyx Private develops high-yield, fixed-income investment portfolios, such as cash-sweep accounts and U.S. Treasury bills, making investing accessible with $100 minimums and low fees.
The new funding will be used to progress towards its founders’ vision of Onyx Private becoming the “next-generation UBS”. Investment will be funnelled into developing new product lines, enhancing marketing efforts, and unveiling an in-app human financial advisor within the next year. This service will provide financial, estate planning, and tax advice, broadening Onyx’s range of premium services.
Alongside its core banking and investment services, Onyx Private offers customers a “lifestyle concierge” service. This digital personal assistant caters to the diverse needs of its customers, helping with tasks such as event booking, travel arrangements, and luxury gift purchasing.
Onyx Private co-founder Victor Santos said, “The goal for Onyx is to build a more modern, more accessible private bank and democratise the tools that today are only available to the ‘ultra rich.’” In line with this vision, since its launch nearly a year ago, the company has grown 30% month on month and is processing over $4m in transaction payment value per month. The aim is to multiply this volume fivefold by year end.
While this funding round marks a significant milestone for Onyx Private, it’s not Santos’ first financial success. Santos, previously co-founded banQi, a Brazilian neobank focused on financial inclusion, which was acquired by Via Varejo in May 2020.
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