The new project for an as-yet-unnamed digital savings bank has already received £10m of funding from undisclosed individual investors, according to the Daily Telegraph.
Founded by Huy Nguyen Trieu, a fintech entrepreneur who formerly led a capital markets team at Citi Bank, the bank will initially take the form of an AI-powered mobile savings app.
He is accompanied by his former colleague Lionel Durix, who remains at Citi, and Paul Hanks, the former CTO of Atom Bank.
The app will use artificial intelligence to “give savers tailored advice”, and offer “risk-free products such as ISAs and high interest rate savings accounts”. The trio are working towards receiving regulatory approvals within the next two years.
Nguyen Trieu told the newspaper: “I left Citi to help build the next Googles in finance. I am totally convinced new financial companies and business models will emerge that we can’t foresee today.”
Meanwhile digital savings bank Atom, Hanks’ alma mater and direct rival to the new project, has had to delay its plans to offer a current account alongside its savings products offering.
