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Where Challenger Banks & Incumbents See The Next Digital Banking Opportunity

CB Insights

Between 2008 and 2018, the number of commercial bank branches in the US has declined by more than 6%. High banking fees, overdraft penalties, and a lack of requisite minimum deposits have pushed these households away from the formal banking system. Source: FDIC. First name. Company Name. Phone number.

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SMB Challenger Banks: Lili Focuses on Freelancers

Fintech Labs Insights

But the tech and financial recessions of 2000 and 2008 held up the newcomers until the last 4 or 5 years. Faster access to direct deposits. Security features (account freeze, real-time transaction notifications, FDIC insured). But now we have some impressive entrants. marketplace. app store ratings (actually 4.7

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SMB Challenger Banks: Lili Focuses on Freelancers

Fintech Labs Insights

But the tech and financial recessions of 2000 and 2008 held up the newcomers until the last 4 or 5 years. Faster access to direct deposits. Security features (account freeze, real-time transaction notifications, FDIC insured). But now we have some impressive entrants. marketplace. app store ratings (actually 4.7

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Top 17 U.S. Online Digital Banks for Small Business (SMB) Jan 2025

Fintech Labs Insights

Treasuries/4.80% FDIC insured (11 Dec 2023**) Minimum Balance: none Traction Raised: $27 million including $22 million in 2022 ( Crunchbase ) Employees: 27 ( Pitchbook ), unchanged since Sep, up 2 since May, up 2 since Mar, unchanged since Nov 23 Website visits: 47,000 ( SimilarWeb , Nov 2024) Linkedin : 7,000 followers 15.