Neobanking companies, are digital-only banks that offer banking services without physical branches. These companies leverage technology to provide seamless, mobile-centric banking experiences, often challenging traditional banking models. Neobanks focus on user-friendly interfaces, cost-effective services, and innovative features to attract customers seeking modern and convenient banking solutions.
Latest Company Updates:
June 2023
The London fintech company Zepz has introduced a neobanking product for immigrants living in the United States. Zepz's remittance company Sendwave has launched a product called Sendwave Pay. Sendwave Pay is intended to simplify transferring money to Africa. It is a bank account insured by the FDIC that comes with a debit card. Account holders can get up to 25 percent off on fees when sending money to Kenya, Ghana, and several other African countries, according to the company. Users can also receive reimbursements for international transaction fees incurred when using their Sendwave Pay debit card outside of the US. They can also earn up to 0.51 percent monthly interest on the money in their Sendwave Pay account.
May 2023
Fingo, a Kenyan company, has partnered with Ecobank to launch a neobanking mobile app called Fingo Africa. The goal of this app is to increase financial inclusion among young Kenyans by letting them open a bank account directly on their phones in just a few minutes, as opposed to the traditional process which can take anywhere from two days to two weeks. The app also reduces the cost of money transfers by allowing users to send money to other users of Fingo for free and to M-Pesa users at reduced rates. Other features of the app include bill payment, savings accounts with goal setting, and the ability to create and send payment links to receive payments. Currently, the Fingo Africa app is available to users in Kenya.
May 2023
Credicorp, a major financial services company in Peru, has introduced iO, a new neobank in the country. The launch of iO represents Credicorp's initial move to establish a neobank within Peru's rapidly expanding fintech sector. iO is a Visa-supported credit card that can be controlled through a mobile app. It is predicted to give Peruvians a completely digital banking experience, enabling users to make digital payments and receive cashback rewards. Similar to many other fully digital financial providers, iO does not charge a membership fee.
Some of Neobanking Companies Listed Below:
Neobanking Market Highlights:
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