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YC-backed digital bank Onyx Private tells customers it’s closing their accounts
The Miami-based startup, which had raised $4.1 million last year, says it's shifting from B2C to serving financial institutions.
In a March 13 email to a customer viewed by TechCrunch, with a subject line that read: “Important Notice: Termination of Bank Operations and Account Closure” Onyx wrote, “We are writing to inform you of our decision to discontinue our services and initiate the closure of all associated accounts* starting today.” He added: “It was purely a strategic decision that allowed us to leverage the base of existing FIs [financial institutions] and use the technology we have built to scale in a more capital-efficient manner.” In the email, banking customers were told that the shut-down will take place on April 14 but that “cessation of our rewards program” was “effective immediately.”
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