Former LCG CEO, Charles-Henri Sabet is launching a start-up that promises to smooth the online trading and banking experience with a software platform that allows clients to invest in different asset classes, including cryptocurrencies, from a single account.
Dubbed ‘FlowBank,’ the new venture sought by the online-trading veteran and Swiss banker offers access to 50+ financial global markets as well as basic banking services. This includes a payment card that allows holders to shop and pay in CHF, EUR and USD. The new brand is located in Geneva and holds a banking license from the Swiss Financial Market Supervisory Authority (FINMA).
“We intend to bring a new experience by optimizing the world of online banking. Finally, a digital solution that allows you to invest via a single multi-currency bank account. Our value proposition is clear: an investment experience open to everyone, thanks to a mobile app and an optimized platform to deal with all asset classes in domestic and international markets,” said Charles-Henri Sabet.
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FlowBank positions itself as a one-stop multi-asset experience for trading and banking. It currently employs 40 specialists, who have been there since the start of the project. However, it plans to take on further staff and develop its technology through to the end of the year.
FlowBank also says that it will open new offices in Zurich and elsewhere in 2021. The backing of Mr Sabet, one of the online trading’s best-known entrepreneurs, is a coup for the company. Essentially, the Synthesis Bank founder brings his vast business building experience in financial markets along with his investment.
Mr Sabet has kept a low profile since stepping down in 2018, ever since his CEO position at London Capital Group, which he had held since March 2014. Prior to this role, he set up FX business Trading and Commercial Consulting. In 1999, he had founded Synthesis Bank, which was sold to Saxo Bank in 2007, and stayed as its chairman until 2008, when the institution merged with Saxo.
In addition, Sabet previously served as head of global trading at Saxo Group. He was a stockholder and non-executive director of Cypriot broker JIFFIX Markets, part of his career dating back to 1982.