After selling the heart of its fledgling technology last month, Flynt Bank is paring back even more. The fintech firm's next step is relinquishing its banking license.
Last month, Zug-based Flynt Bank shocked banking circles with the sale of its wealth ecosystem, a deal which closed this week. As a result, Flynt will also forgo a hard-fought banking license from Swiss regulator Finma, since its plans to offer financial services have come to a standstill.
The project, backed by Leonteq co-founder Jan Schoch, will continue with a dramatically lower level of staff. Flynt, meant as a digital bank for the ultra-rich and for entrepreneurs, was a showcase start-up in Switzerland.
