“Can a failed B2C neobank repurpose its embedded banking stack to become infrastructure for banks and brands?”
Onyx Private launched in 2022 as a B2C digital bank for affluent Millennials and Gen Zers, using Piermont Bank as sponsor and offering checking accounts, debit cards, cashback, and investment portfolios. After raising $4.1M in a YC-backed seed round in 2023, the company abruptly shut down its consumer banking operations in March 2024 and pivoted to a B2B embedded banking model — offering its fintech stack to banks and brands ('Onyx for Banks & Brands'). YC listed the company as inactive, but the CEO confirmed the pivot rather than a full shutdown.
Onyx Private discloses i3 Bank as its banking provider, with Piermont Bank as its sponsor bank, according to the Embedded Finance Index 2026.
Onyx Private does not disclose a bank charter of its own; its banking services are provided through Piermont Bank.
Onyx Private integrates with QuickBooks.
The Embedded Finance Index 2026 maps 3 layers in Onyx Private's stack: Banking / BaaS (i3 Bank); Sponsor bank (Piermont Bank); Accounting (QuickBooks).
Onyx Private was founded by Victor Santos and is founded in 2022, headquartered in Miami, FL, USA.
Onyx Private has raised $4.1M in total (latest round: Seed, 2023).
Get a read on where your own stack stands against Onyx Private and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.