A tech entrepreneur and a former executive at a leading concierge business have teamed up to offer next-gen UHNWs what they hope will prove to be a spiritual successor to the famous American Express ‘black card’.
George Shamugia, whose iGaming infrastructure startup Singular was acquired by online sports betting and gaming company Flutter Entertainment for £32.1 million in 2021, and Otar Ramishvili, who has previously worked for lifestyle and financial services company Insignia Group, have launched HY10, Spear’s can exclusively reveal.
The business offers metal Visa cards, multi-currency accounts and an ‘inner circle’ feature, which allows the main account holder to quickly create accounts and cards for family members, staff and advisers. Users, who will pay a £10,000 annual membership fee, also benefit from a concierge service which promises to arrange experiences such as winter retreats at Ultima Collection properties or trips aboard a Cecil Wright superyacht. HY10 has also partnered with Sir Jim Ratcliffe’s Ineos to give members behind-the-scenes access to international sporting events, including sailing and Formula 1, as well as introductions to exclusive Ineos-backed adventures and expeditions.
Shamugia and Ramishvili say they are filling a gap in the market for high-net-worth individuals who find banking services outdated and ill-suited to internationally mobile people, who require seamless cross-border transactions.
[See also: The best global mobility, residence and citizenship by investment advisers]
Related
Their solution is a platform designed to deliver an experience that the founders believe traditional private banks and concierge companies have struggled to provide.
‘If there’s a rival that we’re measuring against, I would say that would be American Express Centurion, but at the same time, we’ve got the edge,’ Shamugia claims.
‘As we’re using Visa our acceptance rate is better, besides that we offer high value accounts, multi-currency accounts, access to the payment rails; American Express doesn’t do that.’
While both co-founders are originally from Georgia, the business is headquartered in the UK where Shamugia and Ramishvili are both based. Funding comes largely from the founders themselves, in part thanks to proceeds from the Singular exit, although it has been supported by a small group of angel investors.
Content from our partners
HY10 operates with an EMI license in the UK and the firm says client funds are safeguarded in ring-fenced named accounts. The company has partnered with major banks for custody and underlying infrastructure. It has a dedicated compliance and risk team with leading UK expertise, Shamugia told Spear’s.
[See also: Controversial ‘millionaire migration’ report subject to independent review]
Luxury and compliance
The service also incorporates a global concierge support and modern compliance infrastructure.
The lifestyle and compliance teams work together, gaining what Shamugia said is valuable real-time context.
‘If a client has breakfast in London, then takes a private jet to Italy and pays for dinner a few hours later, most banks would block the transaction as suspicious,’ the founder explains. ‘But because we already know their travel plans through our lifestyle team, that data feeds into our compliance platform. The payment goes through smoothly, safely, and without interruption.’
The company has no ambition to become a bank in the traditional sense. ‘We don’t do loans. We don’t do wealth management. Our clients still need their banks and family offices for that. What we’re solving is the part banks ignore, seamless global spend and lifestyle support,’ Shamugia said.
[See also: First look: Exclusive images of John Caudwell’s £300m Le Provençal]
How does membership work?
The HY10 platform is currently in beta, with a handful of active users. When new prospective members apply, their applications will undergo initial background checks. If approved, they will receive an invitation email and a guided onboarding call, which includes a ‘white-glove’, fully guided process to navigate KYC requirements. Once complete, a relationship manager is assigned as the client’s single point of contact.
[See also: Who’s afraid of the big bad next gens?]
Once onboarded, clients can share cards and lifestyle benefits with children, other relatives or members of staff.
They can invite their personal assistants, financial advisors, or accountants into the platform, granting tailored permissions, which the firm dubs ‘the inner circle’. This extends to drivers, nannies, housekeepers, or other employees can be issued supplementary cards with customised restrictions.
www.hy10.uk
