Neobank Kashet Raises $6.7 Million to Provide Regulated Services to Global Crowd

Kashet, a neobank that is based in the UK, says it has closed on a CHF 6.2 million (~USD $ 6.7 million) in its Series A funding round. Trifork Labs, a Copenhagen-based technology accelerator, participated in the funding.

Kashet notes that it has been operating in stealth mode, building a Financial Conduct Authority (FCA) licensed business, joining MasterCard, and receiving strategic investment including from Trifork Labs. Kashat has already been approved by the FCA receiving licenses to operate as an e-Money platform, AISP and PISP.

Kashet said that intends to submit applications for UK FCA 5MLD registration and a Swiss Fintech License with Switzerland’s Regulatory Authority FINMA

Kashet explains that it is building a service-oriented product for clients in the UK, the EU, and Switzerland. Kashet is led by banking and tech executives including Alex Wilmot-Sitwell from Bank of America and UBS and Andrew Brookes of Bank of England, as well as Gary Steel and Jacob Waehrens.

The Fintech is on a mission to reduce the “financial complexity” of international life providing cards, foreign exchange, global payments as well as digital currencies. Kashet say it will create efficient services that people will love to use while partnering with private banks that need new and improved technology.

Jørn Larsen, founder and CEO of Trifork, describes Kashet as an “exceptional digital solution” that combines traditional finance knowledge with digital expertise.

“It provides internationally mobile clients with real-time agility, speed, and verification for banking and monetary transactions, going beyond what traditional private banks can offer.”

Chris Jones, Kashet co-founder and CEO explained they are thinking beyond banking while aiming to provide superlative service.

“We intend to provide personalized experiences for clients. The company plans to partner with private banks across Europe that need access to groundbreaking technology solutions.”

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