Singapore-based FinTech Atlantis is launching a challenger bank in India in order to tap into the global $15.7bn millennial banking industry.
The new digital bank will be called Neo-Bank and will set out to offer younger generations a fast and convenient banking experience.
“With the technology ecosystem evolving fast, young consumers have been looking for a platform that is more than a place where they can park their savings,” said Vineet Jain, COO of Neo-Bank, India. “Neo-Bank understands their relationship with money and will help them manage their finances hassle-free.”
Neo-Bank hopes to sign up 3,000 customers within its first three months.
However, Neo-Bank will face some strong competition from across the globe with several other challenger banks banking on their ability to attract millennials and Gen Z customers.
For instance, last week we saw the teenage-focused neobank Copper Banking net $4.3m in its seed round.
Other challenger banks – such as Revolut, Monzo and N26 – have made no secret about their desire to attract a younger generation of customers than that targeted by traditional banks.
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