Neo banks are digital-only financial institutions that operate without physical branches. They leverage technology to provide streamlined banking services including deposits, debit cards, payments, and personal finance management tools. By eliminating overhead costs associated with physical infrastructure, neo banks can offer competitive rates and user-friendly experiences through mobile applications.

Neo banks primarily generate revenue through interchange fees from debit card transactions, account subscription fees for premium features, and interest spreads on deposits. Some also earn from overdraft protection services and partnerships with financial service providers.

Chime, Nubank, KakaoBank, Revolut, N26