Neobanks are underdogs. Modern, digital native services can replace the traditional banking landscape. Founders flocked to the idea, investors wrote countless checks, and despite how far into the neobanking boom we are, startups are still being created today to attack the problem space.
More recently, we’ve seen neobanks focus on targeted areas, often segmented by demographics. A crowd left behind in the traditional banking world is building startups. But not all are very different. Many of the best-known neobanks are general, hoping to attract a large customer base from one geographic area or another.
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You know their names. Chime is probably the best known in the US market, Monzo and Starling are the leading players in the UK, and N26 is working to grow in Europe.
