Onyx Private offers a digital private banking and wealth management platform that integrates banking, investments, and personalized financial advisory services into a single application. This solution addresses the need for accessible financial services tailored to young professionals and small businesses, providing features like digital onboarding, automated investment management, and real-time financial tracking.
Funding
$4.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
OTVGFounders
Product
Problem
Traditional banking and wealth management services often lack accessibility and personalization for young professionals and small businesses. Existing solutions may not fully integrate banking, investments, and financial advisory services into a unified digital experience. This can lead to fragmented financial management and missed opportunities for optimization.
Solution
Onyx provides a digital-first private banking platform that consolidates banking, investment portfolios, and wealth management into a single application. The platform offers features such as digital onboarding, multiple virtual cards, joint accounts, and authorized users, enhanced by anti-fraud and security tools. Users can access personalized, tax-loss harvesting robo-advisors, fixed-income money market accounts, T-Bills, and alternative investments like PE, VC, and hedge fund strategies. Onyx also provides a low-touch digital wealth management solution with AI-driven personal finance and investment recommendations, supplemented by a non-dedicated team of financial advisors.
Target Audience
Onyx targets affluent young professionals and small businesses seeking a modern, accessible private banking experience with integrated banking, investment, and wealth management services.
Features
- Digital onboarding with seamless KYC and KYB processes
- Multiple virtual accounts and cards for consumer and SMB accounts
- Robo-advisory services with tax-loss harvesting and direct indexing
- Access to alternative investments, including private equity, venture capital, and hedge funds
- AI-powered personal finance recommendations based on net-worth tracking
- Integration with existing financial advisory teams and infrastructure
- Member-get-member referral programs and merchant-funded cash-back rewards
- High-yield money market accounts with 1-2 day liquidity
- Native bill pay feature for managing student loans, mortgages, and credit card payments