Miami-based Onyx Private, a Y Combinator-backed digital bank providing banking and investment services for high-earning Millennials and Gen Zers, is terminating its bank operations, shifting to a 'B2B white-label platform-as-a-service model.' The company had raised $4.1 million in venture funding less than a year ago. According to its co-founder and CEO, the decision was strategic and not due to regulatory issues. Onyx Private aims to leverage its existing financial institution partners and technology to scale more efficiently.