Fintech startup Kashet closes first financing round

Please login or
register
06.04.2023
Kashet App

Based in Zug and the UK, Kashet aims to provide a membership-based financial solution app to customers and private banks. The company has onboarded more than 100 customers ahead of its public launch and secured its initial investment of CHF 6.2 million with Trifork Labs as a strategic investor. The funds will support its expansion and readiness for further growth.

Founded in 2018, the Kashet Group has been operating in stealth mode, quietly building a membership-based financial solution app for customers and private bank clients. Kashet will service the financial complexity of customers’ international life and provide a complete set of cards, foreign exchange, domestic and international payments, and access to digital currencies under Swiss law. 

With 100 people already registered on the Kashet test system in the UK, the startup continues to welcome customers to sign up before the official launch. The company has already obtained FCA licenses in the UK, including E-Money, AISP, and PISP licenses. It intends to submit applications for UK FCA 5MLD registration and a Swiss Fintech License with Switzerland’s Regulatory Authority FINMA.

“Our customers have complex needs; for example, many have property abroad with agents. We can help this process to help manage day-to-day issues and needs efficiently”, said Chris Jones, Co-Founder and Joint CEO of Kashet. Kashet is currently run by a core team of 15 people, with 7 of them based at the Zug office, including the two co-founders, Chris Jones and Nell Kirk.

Elaborating on the company’s unique selling proposition, Chris emphasises the customer service aspect of the business. “Our research says clients do not want to talk to a chatbot. When faced with an issue, they need a personal touch. Legacy banks are locked into their old technology systems. Kashet uses agile systems that will allow us to constantly listen to our customers and adapt our offer to offer easy-to-use and highly intuitive interfaces via our app.”

Kashet has closed its initial investment round to support its growth and expansion, with Trifork Labs as a strategic investor. The fresh capital brings the total amount raised to-date to CHF 6.2m. Trifork Labs is a Copenhagen technology accelerator with a successful track record and portfolio of innovative companies, including Chainanalysis, which was valued at $8.9b in 2022. The Trifork Holding AG is headquartered in Switzerland.

According to Jørn Larsen, founder and CEO of Trifork, “Kashet is an exceptional digital solution, combining traditional finance know-how with explosive 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.”

(Press release/RAN)

0Comments

More news about

Kashet Group AG

Company profiles on startup.ch

Kashet Group AG

rss