Onyx Private believes affluent professionals need their own bank, so it’s building one

“In partnership with Piermont Bank, Onyx Private offers digital banking services, including checking accounts, a debit card and cash back on payments and purchases. On the investment side, the fintech develops investment portfolios from high-yield, fixed-income portfolios, like cash-sweep accounts and U.S. treasury bills, with $100 minimums and low fees.
Since its launch nearly a year ago, Onyx Private has grown 30% month over month and is processing over $4 million in transaction payment value per month. The company is nearing $5 million in TPV with a goal to 5x that volume until the end of the year, Santos said.
‘There’s a lot of pressure on these new banks focused on low income, and what we think is powerful is that our average revenue per user and the average balance of our user is 10 to 12 times more than these traditional neobanks,’”