Scottish banking start-up Nexves readies for launch
“You’re welcome”
Aberdeen-based start-up Nexves is flying the flag for democracy and preparing to unleash its financial platform which will operate like a bank account.
The idea is to let a “swarm of individuals” collectively act together in mutual self-interest. All investments are made from the interest accrued on the money deposited.
It will also simultaneously offer a network of data, which enables “everyone to lower their recurring monthly expenses” and “will be collected with users’ costs negotiated down automatically”.
Essentially it’s an ecosystem of integrated products and services. Nexves doesn’t offer any timelines yet, but says a suite of services will emerge which are “all interlinked yet independent”. The start-up wants its account to replace intermediaries.
Like many other firms, its inspiration is rooted in a lack of love for big banks and the old order.
Christopher Herd, Nexves’ founder, says: “Collectively we fund the banks. Their current accounts harbour our savings and expenditure while our benefits have eroded over time. How many people now pay ‘account fees’?”
He adds: “Now we are charged for the privilege of storing our money in their institution. The same companies whose business model evolved from arbitrators of truth, to taking risks which equate to reckless gambling. Your capital still funds their pursuit of unfathomable riches, only you are now covering their exorbitant bonuses and losses too, even after feeling the pinch of currency devaluation due to the 2008 financial crash.
“Don’t forget, not one of them was prosecuted for their reckless behaviour which flushed the economy down the drain. Their CEOs continue to pick up salaries in the millions, while simultaneously receiving an entitlement to options and shares which are worth even more. You’re welcome.”
I think you get the idea.
These are early days for Nexves as its website doesn’t offer specifics yet on launch dates. However, it is asking for sign ups.
With regards to the launch date, Nexves told FinTech Futures: “I suspect it will be in the next three-five months, at minimal functionality. Obviously it’s very ambitious but we have several prominent and important people involved who we think will help us cross the chasm.”
Along with being the founder, Herd is an ICO/blockchain consultant; and a business consultant/marketing and media manager for Front Letter LTD – an enterprise operating within the real estate, restaurant and food industries in Aberdeen.
