Onyx Private
“Can a failed B2C neobank repurpose its embedded banking stack to become infrastructure for banks and brands?”
Founded2022
HQMiami, FL, USA
FoundersVictor Santos
Total raised$4.1M
Latest roundSeed, 2023
IndustryFintech / Neobank
The story
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.
Product timeline
2022
Onyx Private founded as a digital bank targeting affluent high-earning Millennials and Gen Zers.· banking
2023
Announced $4.1M seed round backed by YC, Village Global, and others; launched digital banking (checking, debit card, cashback) in partnership with Piermont Bank, plus investment portfolios (cash-sweep, T-bills).· banking
2024
Terminated B2C bank operations and began closing customer accounts in March 2024; pivoted to B2B model offering embedded banking infrastructure to banks and brands.· pivot
The stack
3 layers disclosed in Onyx Private’s embedded-finance stack
Banking / BaaS
i3 Bank
Sponsor bank
in the full report
Accounting
in the full report
Accounting gap: minor
2 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.