A group of Fintech professionals, known for their roles in ventures like Monzo, Starling, and Nutmeg, is reportedly joining forces to create a new bank tailored specifically for high-net-worth individuals (HNWIs).
The initiative, tentatively named “Project Arnaud,” aims to redefine private banking by addressing the outdated practices and inefficiencies that plague traditional wealth management services.
Led by Jason Bates, a co-founder of Monzo and Starling, David M. Brear, group CEO of consultancy 11:FS, and Max Koretskiy, a founder of Zürich-based Blackshield Capital, the project seeks to deliver a modern banking experience for affluent clients.
David Brear highlights the stark contrast between the user-friendly interfaces of modern retail banking and the cumbersome processes still prevalent in wealth management.
He recounts an anecdote about a client who can order a luxury car with a few taps on their phone but faces weeks of paperwork and calls to adjust an investment portfolio.
This disconnect, Brear argues, underscores the urgent need for innovation in the wealth management sector.
Operating under 11:FS Holdings Limited, the team has secured an initial £50 million in funding and plans to launch another investment round soon to fuel the project’s development.
Project Arnaud aims to cater to HNWIs who demand efficiency, transparency, and digital-first solutions—qualities often absent in traditional private banking.
The initiative is not alone in recognizing this opportunity.
Anthony Thomson, founder of Metro Bank and Atom Bank, is also entering the private banking space with a new international bank targeting family offices and ultra-high-net-worth individuals.
Thomson’s venture, set to launch by late 2026, will focus on personalized financial services for the super-wealthy, signaling a growing trend among fintechs to disrupt the wealth management industry.
The global wealth management market is vast, managing over $255 trillion in assets, with the UK alone accounting for more than £1.3 trillion.
The sector is on the cusp of a transformative period, driven by an estimated £5.5 trillion intergenerational wealth transfer across the UK and EU by 2030.
Max Koretskiy emphasizes the scale of this opportunity, noting that the convergence of this wealth transfer and rising client expectations creates a suitable blend for tech advancements.
Project Arnaud aims to meet these expectations by offering a platform that combines digital technology with tailored financial solutions.
The bank will prioritize intuitive digital interfaces, transparent fee structures, and rapid service delivery to eliminate the frustrations of traditional private banking.
By leveraging their expertise in building user-centric financial platforms, the team behind Project Arnaud is set to potentially capture a significant share of the wealth management market.
As Fintech advancements continue to reshape financial services, initiatives like Project Arnaud and Thomson’s new bank highlight the demand for modernized private banking.
With substantial funding, a seemingly clear vision, and a focus on the needs of the next generation of wealthy clients, these ventures could potentially challenge the status quo and perhaps redefine how high net worth individuals manage their wealth.