Key takeaways

• Neobanks are looking for their niche amidst a highly competitive landscape. Companies are targeting underbanked segments with curated products to quickly capture market share and turn profitable. Startups such as Karat Financial are aiming for content creators, while Charlie focuses on the growing senior population in the US.

• Global expansion was a priority, with multiple companies announcing plans for international expansion, either through strategic partnerships or obtaining licenses. For example, Navro secured an electronic money institution (EMI) license in the UK and Ireland, which enables it to offer payment processing services to businesses across multiple markets. Meanwhile, PopID partnered with SunCash to expand into the Bahamas, and Gr4vy expanded its partnership with Woolworths to move into Australia and the wider APAC region.

• Expansion into complementary offerings was a natural progression for financial services startups,as these companies continued to expand their product portfolios to diversify revenue streams. Notable product launches included Ondo Finance's tokenized fund for investing in government assets and OpenEnvoy's AI model to streamline clerical work and combat invoicing fraud

SPEEDA Edge top picks for 2024

Source: SPEEDA Edge