Meaning of neobank | Babel Free

Definitions

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

Examples

“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.”

“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.”

CEFR level