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Jan Schoch’s failed digital wealth management firm Flynt is again operating, this time under new ownership and fresh leadership, finews.com has learned. However with one significant difference – the erstwhile fintech shooting star is missing.

The investor group which acquired the base platform of Jan Schoch's fintech bank Flynt at the end of last year has now launched a new company, called Altoo, finews.com has learned. Like Flynt, Altoo also offers wealthy clients a type of digital «Cockpit» which designs complex asset structures.

Altoo will be led by CEO Martin Stadler (pictured below), who previously worked at Flynt in an ambassadorial role, responsible for winning new clients. «We have launched Altoo and will now make our technology available to a large, new customer base, who have already had positive dealings with the existing investor group», Stadler told finews.com.

Seamless Transition Secured

The investor group was formed last November from the initial group of Flynt clients. They acquired the «wealth ecosystem» platform developed by Schoch himself for a single-digit million Swiss franc amount after the founder and financial backer ran into acute liquidity problems.

Martin Stadler 500

Along with the software, a team of 25 developers moved to the Flynt successor Aloo, which is also based in Zug, thus securing a seamless transition.

An Equivalent Twin

So rather than being an offspring of Flynt, Altoo should be seen as an equivalent twin - with one major difference, according to Stadler. «Altoo differs in that it isn’t a bank, but is a pure software company, focused entirely on the development of technology. This gives us adequate room to maneuver as far as geographical expansion as well as the choice of potential customers are concerned.»

It may be an ironic twist that the mistakes and financial losses incurred by Schoch in his failed attempts to acquire a banking licence should now help Altoo achieve a breakthrough.

White-Label Planned

Altoo can now operate on the global markets without this regulatory corset, and above all doesn’t pose a competitive threat to other banks, but rather works in partnership with them. According to Stadler it is planned to offer «wealth ecosystem» as a white-label solution at private banks.