The digital small biz lenders are grabbing share, Kabbage, Square, Paypal, Amazon, Brex, etc. But we still haven't seen a breakout small business bank. The legacy players held onto their market share by providing digital services that were “good enough” to retain customers loath to switch banks.īut that began changing 3 or 4 years ago, first in the UK, then elsewhere as well-financed digital players started making inroads with consumers, first Monzo, then Revolut, Starling, Nubank, Chime, just to name a few. But unlike ecommerce, digital-only banking was slow to catch on. The first pure-play online bank Security First Network Bank (SFNB) launched in 1995, just a year after.
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