neobank

American  

[nee-oh-bangk] / ˈni oʊˌbæŋk /

noun

1. a digital bank, typically without a charter, that operates only online or on mobile platforms, providing some traditional banking services, such as checking and savings accounts, at low or no cost to customers.

---

Etymology

Origin of neobank

First recorded in 2021; neo- ( def. ) + bank ² ( def. )

Example Sentences

The founders of fintech startup Kontigo eagerly embraced the Silicon Valley playbook: packing the company into a San Francisco home for a TikTok-ready hackathon; peppering their pitches with buzzwords about building a “neobank for Latinos”; and making outlandish claims about pioneering a Martian economy.

From The Wall Street Journal

One of them, Dave, a Los Angeles-based “neobank” backed by billionaire entrepreneur Mark Cuban, also encouraged her to tip the company on top of a $6.99 fee she paid to get cash instantly.

From Los Angeles Times

With banks hamstrung like that, Wilk is focused on expanding Dave’s services so it becomes his customers’ primary banking partner, making it what’s called a “neobank.”

From Los Angeles Times

“Today’s investment figures are a vote of confidence for the UK fintech sector,” Anne Boden, CEO of neobank Starling, said.

From Reuters

Among the Big Four, National Australia Bank has broadened its digital offering by snapping up neobank 86 400, while Westpac Banking Corp has partnered with Afterpay to offer banking platform services.

From Reuters