Andrew Shaban CEO & Founder at Fresh Lime Soft, a Full-Stack software developer, and a…
Neobanks in the USA are on the move towards being some of the favorite banking options and most convenient for people on the go. A Neobank is defined as a 100% digital banking system that offers no physical location. Without the overhead of a physical location, these banks can offer many benefits to consumers.
The Neobanking Market in the USA
In the last few years, Neobanking has made a splash with customers wanting to save and make their money grow. The market is growing exponentially and plans to exceed $600 billion in the upcoming years. It is quickly becoming the primary account of the US consumers in the Gen Z and Millennial generations. Currently, The US contains the most Neobanks in the world, standing at 60 with more to come in the next few years. Check out this list of top Neobanks and customer favorites.
Lock Trust, Inc.
Founded in 2013, Lock Trust, Inc. is a FinTech available worldwide for payments in addition to having some of the best security. They offer several business models such as B2B, B2C, B2B2C, B2E, AND B2G. Lock Trust, Inc is great for businesses to handle payroll, escrow accounts,, CRM, billing and collections, crypto exchange and crypto accounts, and ATM, just to name a few.
Company activities: FinTech, CRM, Payroll processing, Biometrics, Escrow account, Debit cards, ATMs, and Banking as a Service (BaaS).
Business model: B2B, B2C, B2B2C, B2E and B2G
Though cloud-based and a bank-grade platform, NovoPayment allows for financial and payment services online. Its business model is business to business offering services such as banking as a service (BaaS), APIs, core banking platforms, payment processing, card issuer, and data aggregation.
Company activities: Banking as a Service (BaaS), APIs & Data Aggregation, Core Banking Platforms, Card issuer and Payment Processsor.
Business model: B2B.
This FinTech company allows you to place all your cards in one easy application,, offering a better and safer solution for credit or debit cards. Each transaction is encrypted,, reducing the chance of fraud. Sayves wants to eliminate poverty by offering high-interest accounts and offering a way to reduce costs of processing fees by at least 50%. They offer mobile payments, cryptocurrency exchange, corporate cards, P2P payments, and cashback and run as a B2B2C.
Company activities: Mobile payments, Currencies, Banking as a Service (BaaS), Corporate cards, P2P Payments and Cash-Back.
Business model: B2B2C.
This FinTech company gives customers a variety of benefits in non-traditional markets or with customers without easy access to banking. They offer Neobanking and challenger, banks, lending, micropayments, P2P, payments, InsurTech, and remittances. Xisfo Bank wants to ensure that people have access to options when it comes to payments and banking.
Company activities: Neobanks & Challenger, Banks, Lending, Micropayments, P2P Paymentsm InsurTech and Remittances.
Business model: B2B, B2C, and B2B2C.
Donations have been taken to the next level with this Neobank in the USA. This marketplace allows donations to nonprofits to collect funds without being charged additional fees. Bunny. Money also allows customers to save money for the future as well as allowing an easy location for donations. The service is free but you can earn a 1% APR. Pay whatever you feel is right to support the company.
Company activities: Donations platform and Neobanks & Challenger Banks.
Business model: B2B, B2B2C and B2C.
OlehPay is a FinTech company that allows easy and transparent pricing for money transferring. It gives exchange rates from US dollars to ILS (Israel) and can connect the bank accounts allowing for easy access between the two. With exchange rate fees rising, OlehPay offers competitive rates which allow customers to save money and make the process easy.
Company activities: Remittances, Accounts and Banking as a Service (BaaS).
Business model: B2C.
This budget-based FinTech start-up company focuses on making budgeting easier. Founded in 2019, Qube Money has taken the classic envelope budgeting system and moved it onto an app that makes it easily accessible anywhere. Set the Qubes to reflect your needs and wants and make saving and spending easy. There is a basic free account, or a premium account giving you access to more features and a joint account.
Company activities: Challenger bank, Accounts, Consumer Finance and Banking as a Service (BaaS).
Business model: B2C.
This FinTech offers something different than any other platform. With a focus on mental health and financial health, Flourish Savings makes saving fun! Relax and save with games that help reach obtainable goals and teach financial education.
Flourish Savings can also offer the ability for banks, credit unions, and lenders to attract new consumers on their engagement platform. This can help build relationships and increase revenue.
Company activities: Banking as a Service (BaaS), APIs & Data Aggregation, Core Banking Platforms and Behavioural analytics.Business model: B2B.
These are just a few of the 60 Neobanks in the US, which you can find on Finnovating platform Here you can compare different FinTech startups to see which are the best ones to invest in. While running strictly on digital platforms, these companies can pass savings from the lack of overhead costs providing great options for digital banking.