Growth and interest in the new digital / neobanks shows no sign of stopping. A number are entering the difficult but lucrative US market and recent estimates have the UK based groups tripling their customer base to 35 million over the next year.
Many of these new banks are presenting themselves with a different foot forward. But when it comes to an international payments do they care?
There are broadly three core focuses of these new banks.
- Current accounts, day to day banking and expense management
- Savings accounts and lending
- International lifestyle, travel & payments
Within the UK and Europe, outside of the savings and lending specialists, many have an international payments product. In the US, though the picture is much more stark, perhaps driven by the fact that international payments are just less important for their customers.
For many of these new banks, payments isn’t the core offering which makes them ripe for partnerships. TransferWise has led the way with Monzo, N26 and Bunq but there seems to be plenty of opportunity for other deals to be done. BD teams, have at it.