A team of notable fintech innovators, including those behind Monzo, Starling, and Nutmeg, are launching banks aimed at affluent clients.
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The initiative, referred to as “Project Arnaud,” comes from Jason Bates, co-founder of Monzo and Starling, along with David M Brear, CEO of Consultant 11:FS Group, and the Zürich-based firm BlackShield Capital.
Blair noted, “While Monzo and Starling have made substantial strides in basic banking, when wealthy clients seek services tailored for them, they frequently encounter numerous hidden fees.”
“Wealthy clients have mentioned they can easily order a Tesla with just a few taps on their phone, but rearranging their investment portfolio could take them weeks of phone calls, emails, and form submissions.”
The current operation under 11:FS Holdings Limited has designated £50 million thus far and plans to seek additional investment soon.
This isn’t the only effort from fintech visionaries targeting this sector. Anthony Thomson, who started Metrobank and Atombank, aims to disrupt the private banking scene by establishing a new international bank focused on family offices and ultra-high-net-worth individuals.
Thomson has set his sights on launching in the latter half of 2026, targeting wealthy individuals and investment groups looking for more bespoke financial services.
Worldwide, the wealth management sector oversees assets totaling more than $255 trillion, with the UK managing over £1.3 trillion. By 2030, around £5.5 trillion is expected to be transferred between generations in the UK and EU.
Max Koretskiy from Project Arnaud sees a significant opportunity ahead.
“The largest wealth transfer in history coincides with rising client expectations influenced by consumer technology,” he stated. “Over £1 trillion is expected to change hands in the UK during the 2020s, leading to a substantial increase in millennial wealth. The next generation of wealth holders are digital natives, and they want the best in banking and wealth management to handle their finances—this is precisely what we offer.”
