David Stewart, one half of the Eurhythmics, and former Credit Suisse Europe, Middle East and Africa chairman/CEO Michael Philipp have revealed their plans to launch a creative-focused banking services company, to be called First Artist Bank.
The move, first reported in the Guardian, was announced by Stewart at the Reeperbahn Festival in Germany this past weekend, where he revealed the project’s inspiration to be Farmers Bank in the U.S., which was originally founded to provide farmers a means for lending which wouldn’t strip them of their rights, something First Artist Bank will accomplish for creatives through a system of advisement, “so people don’t sign stupid deals,” as Stewart put it.
A series of short videos, posted to the company’s website, attempt to explain each aspect of its business; advisory, banking, funding and reporting.
While details are scant at this point, Stewart characterized the company as a “global creative community bank” and is set to launch early next year. According to the previously mentioned videos and the subheadings posted on its website, FAB will also incorporate crowdfunding, rights management and distribution, on a case-by-case basis, through FAB-related partners.
One of the venture’s first branches will be inside East London social club the Hospital — an alternative of sorts to the Soho House which Stewart owns. FAB’s credit cards will also have their own rewards system, with concert and festival tickets, records and more to be awarded.