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Private banking startup Kashet raises £5.4 million

Private banking startup Kashet raises £5.4 million

Kashet, a Swiss-UK-based private banking startup, has come out of stealth mode after raising £5.4 million in an initial funding round.

Kashet is led by banking, technology, and service industry experts, including heavyweights Alex Wilmot-Sitwell from Bank of America and UBS, and Andrew Brookes of Bank of England, as well as international executives, Gary Steel and Jacob Waehrens.

The company intends to offer a membership-based wealth management app combining a complete set of cards, foreign exchange, domestic and international payments, and access to digital currencies under Swiss law to clients in the UK, Switzerland and across Europe.

Kashet has already obtained FCA licenses in the UK, including E-Money, AISP, and PISP licenses. The company intends to submit applications for UK FCA 5MLD registration and a Swiss Fintech License with Switzerland's Regulatory Authority Finma.

Jørn Larsen, founder, and CEO of Copenhagen technology accelerater Trifork Labs, which participated in the funding round, says: "Kashet is an exceptional digital solution, combining traditional finance know-how with explosive digital expertise. It provides internationally mobile clients with real-time agility, speed, and verification for banking and monetary transactions, going beyond what traditional private banks can offer."

Kashet co-founder and joint CEO, Chris Jones, highlights the company's ethos: "We are thinking beyond banking and focused on creating exceptional financial services that people trust and love to use. We intend to provide personalised experiences for clients. The company plans to partner with private banks across Europe that need access to ground breaking technology solutions."

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