Swiss-UK Private Bank Digital Finance Startup Kashet Raises CHF 6.2M Series Aby Fintechnews Switzerland April 5, 2023
Kashet, the Swiss-UK premium digital finance services firm, has successfully raised CHF 6.2m funding to support its expansion and readiness for further growth. Kashet is focused on delivering a membership-based financial solution app for customers and private bank clients.
The Round A funding is in progress with the launch to follow later this year
- Kashet has been operating in stealth mode, quietly building a Financial Conduct Authority (FCA) licensed business, joining MasterCard, and receiving strategic investment including that from Trifork Labs, the Copenhagen technology accelerator
- 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
Kashet is creating a service-oriented solution for clients in the UK, Switzerland, and across Europe. It 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.
Kashet will service the financial complexity of customers’ international life, and provide a complete set of cards, foreign exchange, domestic and international payments, and access to digital currencies under Swiss law. Kashets’ focus is on creating efficient services that people trust and love to use, as well as partnering with private banks across Europe that need access to digital technology solutions.
Trifork Labs, the Copenhagen technology accelerator, which has participated in the funding, holds a successful track record with innovative companies, including Chainanalysis, which was valued at $8.9b in 2022.
Kashet’s co-founder and Joint CEO, Chris Jones, highlighted the company’s driving ethos,
“We are thinking beyond banking and focused on creating exceptional financial services that people trust and love to use. We intend to provide personalized experiences for clients. The company plans to partner with private banks across Europe that need access to ground breaking technology solutions.”
With its strong governance model and deep international perspective, Kashet is well-positioned to make a significant impact in the UK and European Fintech markets and is a company to watch in the coming months.
Featured image credit: Chris Jones, Kashet’s co-founder and Joint CEO