2018 AFR Young Rich List: Emily Skye backs Millennial bank start-up

Fitness star and Young Rich Lister Emily Skye may have built a small fortune but that doesn’t mean she’s good with money.

“I’ve never really known what’s going on with money, I mean I love to spend it but I’m not able to track it and really be responsible for it,” Ms Skye said.

Ms Skye rockets up the 2018 Financial Review Young Rich List with an estimated worth of $36 million, reflecting growth in her online fitness business that attracted an undisclosed investment from Quadrant Private Equity this year. As she continues to build the fitness business, including releasing the first app for her FIT program this year, Ms Skye is turning her attention to building investments outside the fitness industry. It’s because she wants to better track her spending that she’s made the first investment in a start-up that isn’t her own.

She’s backing a new “neo” bank, a fintech called Archa founded by former corporate M&A lawyer Oliver Kidd, that wants to offer products to their fellow Millennials. It’s joining a rush of fintech companies hoping to gain banking licences and take on the big boys.

“When I’m out with my friends they say, ‘I wish there was something, like an app where I can track [finances]’, and I say funnily enough something is coming,” Ms Skye said from the Gold Coast where she is based. She’s tipping cash into a sector that is generating big returns for plenty of her cohort.

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Source: 2018 AFR Young Rich List: Emily Skye backs Millennial bank start-up | afr.com