What Is Going On With Neobanks?
A lot has changed for neobanks in the last 5 years. During the second half of the 2010s, neobanks such as Monzo and Revolut were landing on the scene with a big splash. They were ambitious and well-funded and customers were excited to post about their colorful new debit cards on social media. Fast forward to today. These same banks are delaying IPOs, customer growth is sluggish, funding is slowing down and profits seem a way off for many. Have customers and investors lost interest, have the banks struggled to realize their own ambition as “challengers” or is the best yet to come? Q2 2022 hedge...