neobank

[ nee-oh-bangk ]

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.

Word History and Origins

Origin of neobank¹

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

Example Sentences

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

“There is the potential for the neobank and the license holder to diverge when it comes to direction of the brand, product suite, third party providers, etcetera,” Kocianski said.

From Reuters