Australia demonstrates the stages of neobank evolution

Australia is an interesting market for those wondering how neobank models might evolve, as it has already experienced success, failure, and sale to the incumbents.

In the brief history of neobanks, Australia has already managed to conjure up a range of different stories and outcomes. There is a neobank that has given up and handed back its licence, neobanks that are successfully going it alone, and a neobank that has capitalized on early success by selling itself to an incumbent.

There are things to learn from all three experiences.

Most of Australia’s neobanks have their roots in the big four banks.

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