The global venture capital bet on neobanks is massive. London-based Starling Bank has raised more than $900 million, per Crunchbase. The same data source indicates that Chime has raised $1.5 billion. Monzo has raised nearly $650 million. And the list goes on: E-commerce-focused neobank Juni raised $21.5 million last month. Novo, an SMB-focused neobank, raised $41 million in June. Nubank has raised $2.3 billion. And FairMoney has locked down more than $50 million.
On and on and on.
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But despite our general inclination to lump banking-focused fintech providers that serve consumers, business customers or both into a single bucket, there’s wide