20 tips for neobank founders:
1. distribution matters more than features
2. personal relationships are the #1 GTM driver (especially in b2b banking).
3. you live and die by your infrastructure providers. choose them carefully.
4. get as close to the underlying infrastructure as possible
5. pick one customer segment and dominate it before expanding (when you build for everyone, you attract no one)
6. solve one painful problem really well before becoming a "financial super app”
7. strategic partnerships are one of the most underrated growth channels.
8. local markets need local teams and local knowledge.
9. compliance is KEY.
10. obsess over activation and retention, not just signups.
11. a strong affiliate program can blow you up. don't just pay a % of revenue, offer great signup bonuses too. pair it with a viral influencer program.
12. banking businesses is a better model than banking consumers. businesses hold more money, move more money, and generate more revenue.
13. an exceptional UI is the bare minimum in consumer fintech.
14. credit is an amazing moat. but also the fastest way to blow up a fintech. play it carefully.
15. open your app as an API for others to build upon.
16. add vertical (non fintech) features to better serve your customers. (for example, one of flex’s biggest customer segments is construction companies, so we built estimates to help them track project costs and expenses.) this increases retention.
17. most consumers don't care about fees or cashback. they just want the product to work. (the largest crypto neobank, redotpay, charges a 3% fx fee and caps cashback at $18/month, yet millions still use it.)
18. interchange alone isn't a business. build multiple revenue streams from day one.
what are some other good tips of advice?
1. distribution matters more than features
2. personal relationships are the #1 GTM driver (especially in b2b banking).
3. you live and die by your infrastructure providers. choose them carefully.
4. get as close to the underlying infrastructure as possible
5. pick one customer segment and dominate it before expanding (when you build for everyone, you attract no one)
6. solve one painful problem really well before becoming a "financial super app”
7. strategic partnerships are one of the most underrated growth channels.
8. local markets need local teams and local knowledge.
9. compliance is KEY.
10. obsess over activation and retention, not just signups.
11. a strong affiliate program can blow you up. don't just pay a % of revenue, offer great signup bonuses too. pair it with a viral influencer program.
12. banking businesses is a better model than banking consumers. businesses hold more money, move more money, and generate more revenue.
13. an exceptional UI is the bare minimum in consumer fintech.
14. credit is an amazing moat. but also the fastest way to blow up a fintech. play it carefully.
15. open your app as an API for others to build upon.
16. add vertical (non fintech) features to better serve your customers. (for example, one of flex’s biggest customer segments is construction companies, so we built estimates to help them track project costs and expenses.) this increases retention.
17. most consumers don't care about fees or cashback. they just want the product to work. (the largest crypto neobank, redotpay, charges a 3% fx fee and caps cashback at $18/month, yet millions still use it.)
18. interchange alone isn't a business. build multiple revenue streams from day one.
what are some other good tips of advice?
just realized i left off the last 2:
19. don’t participate in these high cashback wars. the users your onboarding aren’t loyal and will jump ship the second another neobank has higher cashback.
20. crack Tiktok and Instagram marketing. X is just an echo chamber and majority of users aren’t on here.
any other good ones?
19. don’t participate in these high cashback wars. the users your onboarding aren’t loyal and will jump ship the second another neobank has higher cashback.
20. crack Tiktok and Instagram marketing. X is just an echo chamber and majority of users aren’t on here.
any other good ones?
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