Kashet, a private banking startup based in Switzerland and the UK, has emerged from stealth mode after successfully raising £5.4 million in its initial funding round.
The company is spearheaded by a team of experts from the banking, technology, and service industries, including notable figures such as Alex Wilmot-Sitwell from Bank of America and UBS, and Andrew Brookes from the Bank of England, along with international executives Gary Steel and Jacob Waehrens.
Kashet aims to provide a membership-based wealth management app that offers a comprehensive suite of services, including cards, foreign exchange, domestic and international payments, and access to digital currencies in compliance with Swiss law for clients in the UK, Switzerland, and across Europe.
The startup has already secured FCA licenses in the UK, including E-Money, AISP, and PISP licenses. Plans are underway to apply for UK FCA 5MLD registration and a Swiss Fintech License from Switzerland’s Regulatory Authority, Finma.
Jørn Larsen, founder and CEO of the Copenhagen technology accelerator Trifork Labs, which participated in the funding round, stated: “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, far surpassing what traditional private banks can deliver.”
Kashet co-founder and joint CEO Chris Jones emphasized the company’s mission: “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 our clients and plan to partner with private banks across Europe that require access to groundbreaking technology solutions.”