Kashet, the Swiss-UK-based digital finance services platform, announced that it has raised CHF 6.2M (approximately $6.8M) in funding from its strategic investor Copenhagen-based Trifork Lab.
The funds will enable the fintech company to accelerate its expansion and its growth.
Besides funding, the company also announced that it is set to launch a membership-based financial solution app for customers and private bank clients, later this year.
Kashet co-founder and joint CEO, Chris Jones says, “We are thinking beyond banking and focused on creating exceptional financial services that people trust and love to use. We intend to provide personalised experiences for clients. The company plans to partner with private banks across Europe that need access to groundbreaking technology solutions.”
Operating in stealth mode
Operating in stealth mode, Kashet said it has been quietly building a Financial Conduct Authority (FCA) licensed business and has already obtained E-Money, AISP, and PISP licenses in the UK.
The company also joined MasterCard. In addition, Kashet intends to submit applications for UK FCA 5MLD registration and a Swiss Fintech License with Switzerland’s Regulatory Authority FINMA.
Financial solution app
Kashet aims to service the financial complexity of customers’ international lives, providing a complete set of cards, foreign exchange, domestic and international payments, and access to digital currencies under Swiss law.
The company’s leadership team includes experts in banking, technology, and service industries, including Alex Wilmot-Sitwell from Bank of America and UBS, Andrew Brookes from the Bank of England, as well as international executives Gary Steel and Jacob Waehrens.
Jørn Larsen, founder, and CEO of Trifork says, “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.”
