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Neobanks Solving Startups’ Banking Problems

The basic business model banking has not changed much since the beginning of formal commercial banking. Banks, for the most part, have stayed true to their original tradition of safety, trust, and, most of all, confidence.

Sometimes banking turns into a soulless dispassionate business where all that matters are the bottom lines, bonuses, margins, and ratios. One of the best dramatizations of traditional banking was in an episode of Game of Thrones when Stannis Baratheon visited the Iron Bank of Braavos requesting (if not demanding) to be loaned gold in order to challenge for the Iron Throne. After a hilarious exchange, one banker, clearly less than impressed by Stannis’ apparent abject status, concludes, “You can see why these numbers seem unlikely to add up to a happy ending, from our perspective.” But this happy ending, so to speak, is only for a lucky few who can impress the banks. Such drama happens in countless boardrooms of banks across the world, which is bad news for the countless budding entrepreneurs.

In the year 2019, there were over 1,300 new startups in India, which is in addition to about 8,900 already in existence (NASSCOM). If we go by the KPMG report released in early 2019,  the number of startups in India had gone ...

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