How savvy startups are rebooting banking9 min read 13 Feb 2020, 10:29 PM IST
More than 190 million Indians are still unbanked. Now, a slew of digital app-based neo banks are going after them
Neo banks raised $116 million in 2019, up seven times year-on-year. While the figure is not huge, what’s striking is that many of these firms have raised seed rounds of $5-20 mn on paper ideas alone
A few months ago, Lizzie Chapman, co-founder of payments platform ZestMoney, joked to a venture capitalist that she should just reposition her lending startup as a “neo bank" in order to attract a higher valuation.
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