The fintech funding boom of the past several years saw huge amounts of capital flowing into so-called neobanks, digital financial companies offering banking services to markets general and niche.
The overarching idea behind the push made sense — many traditional banks are IRL-first and digital second, and their brick-and-mortar way of doing things engendered costs that were passed on to consumers. So why not build a new bank, a neobank, that uses tech to augment a meager staff, eschews buildings, and passes along savings to customers instead?
With the help of some existing banks’ regulat
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