neobank

plural neobanks

1. bankingA modern type of direct bank that operates exclusively online without a traditional physical branch network, often mobile-first and even without banking licence.

   It comes only 18 months after Schroders ploughed £9.9m into the firm as part of a big funding round for Revolut, which the asset manager lauded as an “ambitious neobank”, in the summer of 2021.

   2023 April 24, Kalyeena Makortoff, “Revolut’s place as UK’s top fintech firm at risk after Schroders writedown”, in The Guardian, →ISSN

   1 more example

   Digital-only neobanks, offering no-fee accounts, high-speed sign-ups and intuitive user interfaces, are hoping to disrupt the way Australians save and spend their money – by making products people actually like.

   2019 September 21, Alyx Gorman, “A bank you might like: apps' unlikely pitch out to disrupt Australian habits”, in The Guardian, →ISSN