A group of prominent fintech innovators behind Monzo, Starling, and Nutmeg is launching a bank aimed at high net worth individuals.
Called “Project Arnaud,” this initiative was founded by Jason Bates, co-founder of Monzo and Starling; David M. Brear, CEO of the consultancy 11:FS; and Max Koretskiy, a founder of the Zurich-based wealth management firm Blackshield Capital.
Brear highlights the gap in service, stating, “While Monzo and Starling excel in basic retail banking, high net worth clients often encounter hidden fees and outdated processes with traditional organizations. One wealthy client mentioned he can order a Tesla in three clicks, yet rearranging his investment portfolio takes weeks of phone calls and emails. That illustrates the disconnect between modern expectations and the services currently available.”
Operating through 11:FS Holdings Limited, the group has already allocated £50 million and is gearing up for another investment round.
Additionally, Anthony Thomson, founder of Metro Bank and Atom Bank, is preparing to enter the private banking sector with plans for a global bank targeting family offices and ultra-high-net-worth individuals. He aims to launch by late 2026, focusing on personalized financial services.
The wealth management industry oversees over $255 trillion globally, with more than £1.3 trillion managed in the UK alone. An estimated £5.5 trillion is projected to be transferred between generations in the UK and EU by 2030.
Max Koretskiy of Project Arnaud emphasizes the significant opportunity ahead. “The largest wealth transfer in history is meeting rising client expectations driven by consumer technology,” he says. “Over £1 trillion will change hands in the UK throughout the 2020s, resulting in a fivefold increase in wealth among millennials. This next generation is digitally savvy and will demand top-tier banking and wealth management, which is precisely what we intend to offer.”