Neobanks: What They Are, How They Work, and Why They are Burgeoning in Australia

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Over the past couple of weeks, you’ve probably heard the word neobank thrown around a few times, which may have left you wondering exactly what it is, and how it’s different to a traditional bank. If you haven’t had a chance to find out, here’s the rundown.

Here's an example of how this industry is burgeoning.  Australian-based neobank Xinja's CEO Eric Wilson says:  "We expected to do about $120 million in deposits in a year, we’ve done $100 million in 19 days."

Other neobank players ready to disrupt the global marketplace?  86 400 and Judo Bank.  We're in for a ride.