Neobanks are wagers that modern, digitally native services can supplant the traditional banking landscape. Founders flocked to the idea, investors wrote myriad checks, and despite how far along we are in the neobanking boom, startups are still being formed today to attack the problem space.
Lately, we’ve seen neobanks focused on targeted niches, often segmented by demographics. Startups are building for populations that may have been left behind by the traditional banking world. But not all are so specific. Many of the best-known neobanks are in fact rather general, hoping to attract a large customer base from one geographic area or another.
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You know their names. Chime is perhaps the best known in the U.S. market, Monzo and Starling are leading players in the U.K., and N26 is busy working to grow in Europe.
The profit divide running through the neobanking sector by Alex Wilhelm originally published on TechCrunch
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