UK fintech leaders seek to start a digital private bank

• Key Insight: Ex‑Monzo/Starling founders are planning to create a digital-first private banking experience for high net worth individuals.
• Expert Quote: David Brear, 11:FS CEO: Monzo/Starling excel at retail banking, but private banking remains “archaic.”
• Supporting Data: 11:FS has earmarked £50 million in funding for Project Arnaud.
  Source: Bullets generated by AI with editorial review.

The U.K. fintech founders behind Monzo, Starling Bank and Nutmeg are aiming to launch a digital banking experience catered to wealthy customers.
Jason Bates, David Brear and Max Koretskiy of the U.K. digital banking consulting firm 11:FS Holdings announced the project, referred to by the code name “Project Arnaud,” in a statement released this week.

“The likes of Monzo and Starling are light-years ahead for basic retail banking,” said Brear, group CEO of 11:FS. “But when high net worth individuals graduate to the organizations looking to serve them, they are often full of hidden fees, archaic account opening and reporting that looks as if it was faxed in from the 1990s. Project Arnaud aims to change all that.”

Bates, a former executive at Monzo and Starling and currently the deputy CEO of 11:FS, believes that there is a need for financial clarity and consolidation for high net worth individuals.

“People are opening four or five bank accounts in different jurisdictions, with different currencies, and having to manage that themselves,” he said. “This joint account here, that pocket money account there, this account for personal ‘slush funds,’ an account with an overseas bank for my ski chalet. All of those things should be able to be delivered by one provider helping you just manage it all.”

“Project Arnaud” derived its code name from a Google-sourced image in the group’s initial pitch deck.

“Back when we were first putting presentations together to explain to clients what old school banker and customer relationships looked like, we would always use the same image of a super smart looking Swiss guy in a beautifully tailored suit,” Brear told American Banker. “When we were thinking about the name for this project, we found out that the name of the guy was actually Arnaud. To us he is the epitome of white glove service, which is what this project is embodying.”

A firm representative confirmed with American Banker that the official name of the digital bank will be different from its initial code name, and the group declined to share further details on the identity of the project’s titular character.

Private banking and wealth management is a sector primarily served by traditional banks such as JPMorganChase and Citizens. Some fintechs see an opportunity to attract wealthy clientele, and the money that comes with them, with private banking offerings that combine digital convenience and white-glove service. Robinhood, for example, is launching several digital banking products later this year featuring various high-level perks for premium users.

The goal of “Project Arnaud,” according to Brear, is to expand wealth services for high net worth customers beyond traditional private banking offerings.

“What we’re creating isn’t just banking services; there’s a bunch of firms out there doing that already,” he said. “What we’re building will offer wealth services spanning across the entirety of a customer’s personal financial ecosystem: banking, wealth management, investments, lifestyle, etcetera. We don’t believe that wealth services should be people and paperless, but should have less people and less paper, meaning their overall experience will be simplified but still maintain that human touch.”

The group has earmarked £50 million in funding so far, and is expecting to begin another investment round in the near future. An official launch date for the digital bank has yet to be announced.