Onyx Private believes affluent professionals need their own bank, so it’s building one

Digital bank Onyx Private announced $4.1 million in new funding to provide private banking and investment services specifically tailored to high earning Millennials and Gen Zers.

Village Global, Y Combinator, Global Founders Capital, One Way Ventures, 186 Ventures and Olive Tree Capital participated in the investment.

In partnership with Piermont Bank, Onyx Private offers digital banking services, including checking accounts, a debit card and cash back on payments and purchases. On the investment side, the fintech develops investment portfolios from high-yield, fixed-income portfolios, like cash-sweep accounts and U.S. treasury bills, with $100 minimums and low fees.