Onyx Private, the YC-backed digital bank, announces the closure of customer accounts.
Miami-based Onyx Private, a Y Combinator-backed digital bank that provided banking and investment services for high-earning Millennials and Gen Zers, is terminating its bank operations.
Y Combinator has listed the company as “inactive” on its on its website, something Santos could not explain.
Santos claimed that Onyx had been exploring the idea over the past year and had made developments with some partners.
Santos today declined to disclose how many banking customers Onyx had.
Although a source told TechCrunch that regulatory issues may have played a part in this decision, Santos dismissed that, telling us that no regulatory issues caused the startup to shut down its direct-to-consumer banking operations.
