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<ul class="summary-list"><li>Ivan Maryasin founded Monite after moving from Silicon Valley to Berlin.</li><li>He said building a business in the US is expensive due to hiring and living costs.</li></ul><p><em>This as-told-to essay is based on a transcribed conversation with Ivan Maryasin, 31, about moving from the US to Germany and launching his startup, Monite, in Berlin. The following has been edited for length and clarity.</em></p><p>In 2014, I left Russia to do my master's in international business at the Hult International Business School in Massachusetts.</p><p>I had a background in marketing from jobs in Russia and wanted to <a target="_blank" class="" href="https://www.businessinsider.com/work-visa-moved-usa-canada-immigrants-2024-7">work in America</a>. While studying, I started working in the IT industry, doing marketing. It was a great introduction to innovation and startups.</p><p>During my course, I transferred to the <a target="_blank" class="" href="https://www.businessinsider.com/san-francisco-new-york-london-tech-where-to-live-2024-8">San Francisco</a> campus and then stuck around working for multiple tech companies, designing and implementing growth strategies.</p><p>But in 2017, I <a target="_blank" class="" href="https://www.businessinsider.com/surprising-things-moving-to-germany-from-us-2024-9">moved to Germany</a> to be closer to my then-fiancée, who I'd met in Moscow. We found it challenging to find a visa pathway that allowed her to move to the US and work as a dependant, so we both moved to Berlin. I got an EU Blue Card, and she was able to come with me as my partner with permission to <a target="_blank" class="" href="https://www.businessinsider.com/german-vs-american-work-life-differences-according-to-us-mom-2024-4">work in Germany</a>.</p><p>I already had plans to start my own company. However, as the cost of living in the US was starting to climb, I thought Europe would be a great location for a new business.</p><p>I planned to continue working for startups in Europe before launching my company. I worked in HR tech and fintech, and in 2020, I cofounded <a target="_blank" class="" href="https://www.crunchbase.com/organization/monite/company_financials">Monite</a>, a company that enables SMB platforms like Neobanks to embed automated features for things like invoicing to support their clients.</p><p>I built the startup from the ground up to a 45-person team and raised over <a target="_blank" class="" href="https://www.businessinsider.com/monite-german-fintech-startup-raises-6m-funding-from-valar-ventures-2024-2#:~:text=The%20startup%20has%20raised%20a%20top%2Dup%20to%20its%20seed%20round%2C%20led%20by%20Third%20Prime%2C%20in%20March%202023%2C%20taking%20its%20total%20funding%20to%20%2417.4%20million">$17 million</a> from investors.</p><p>I like <a target="_blank" class="" href="https://www.businessinsider.com/things-to-do-in-berlin-germany-best-activities">Berlin</a> because it's a more affordable place to live and build a business, plus it's well connected to the rest of Europe. Here's how its startup ecosystem compares to <a target="_blank" class="" href="https://www.businessinsider.com/dating-silicon-valley-big-tech-hard-want-marriage-kids-2024-7">Silicon Valley</a>.</p><h2 id="e195bed4-45cb-4bba-ae91-f1e151fc0492"><strong>Berlin was a more affordable location to start Monite</strong></h2><p>When I left the US, I visited multiple places in Europe and spoke to people in several cities, including Zurich, Barcelona, and <a target="_blank" class="" href="https://www.businessinsider.com/biggest-surprises-moving-to-london-according-to-american-2024-10">London</a>, to help me decide where to move. Part of the reason I chose Berlin is because its tech scene was really on the rise.</p><p>There were a lot of founder meetups, pitch events, and accelerators in the city. Local funding was also available. At that time, I felt German funds had strong institutional support and seemed the most forthcoming in Europe. It's very common to speak English in Berlin, and I feel this is an advantage for startups because it attracts talent from the US, UK, and beyond.</p><p>The cost of <a target="_blank" class="" href="https://www.businessinsider.com/how-to-start-and-grow-a-business-founders-advice-2023-1">building a business</a> in the US is high due to the cost of living and hiring. As long as I could still fundraise in the US, which became easier because of the COVID-19 pandemic, I preferred Europe. My journey in the States made it easier for me to know how the US market worked when it came to fundraising.</p><p>The cost of living in Berlin is lower. When I lived in San Francisco and the Valley, I paid more in rent and needed a car to get around. In Berlin, I mostly get around by bike. Everything is a few minutes away, and there's less traffic.</p><p>Berlin is well-connected to Europe. You can get almost anywhere in Europe in a few hours. Having moved from California, it was wonderful to be able to see family members in Europe and go on getaways more easily.</p><h2 id="42d233d4-0ad7-46eb-b81a-fdfde2cf12fc"><strong>There are some downsides to living in Berlin</strong></h2><p>It's difficult to find US-level talent in Europe. A lot of <a target="_blank" class="" href="https://www.businessinsider.com/europe-best-cities-work-life-balance-ranking-2023-6">Europeans are focused on work-life balance</a>, but I'm a workaholic.</p><p>It's hard to find people with the same values or who'll know what you're talking about when you say, <em>"</em>Silicon Valley benchmark." This refers to the strong emphasis on rapid scaling, competitiveness, and continuous self-improvement. In the US, I had friends working for LinkedIn, WhatsApp, and Facebook, so I could see this benchmark in front of me.</p><p>The European investment ecosystem is much more risk-averse. In America, failure is seen as part of the game, with a strong focus on the potential upside.</p><p>In Europe, the approach tends to be more cautious and conservative, with more emphasis on mitigating risks. I do think that's now starting to shift, but historically, that's been one of the hardest things to overcome in the market.</p><p>I feel lucky and grateful to have raised money and for the support I've had. However, it's not easy to be a founder without a background in Germany because having local connections has traditionally been valuable. In the US, it isn't unusual to be a foreign founder.</p><p>While <a target="_blank" class="" href="https://www.businessinsider.com/german-vs-american-parenting-relocation-berlin-kids-independent-helicopter-parenting-2024-10">living in Berlin</a>, I think it's necessary to be strategic about getting the assets I need from other places. Monite is headquartered in Berlin, and I mostly live here, but I also travel a lot to places like the US and London to meet people and get inspiration. We also have a couple of employees in the States.</p><h2 id="bc7c8b3f-e6df-4494-bc91-d8696a768513"><strong>I like living in Europe, but wouldn't rule out returning to America</strong></h2><p>Most people in Silicon Valley are focused on startups and innovation. If you're all about work and want to focus 24/7, Silicon Valley is the place to be.</p><p>But that also depends on whether you can be there. It's not accessible to everyone due to the high visa barriers. For example, the H-1B visa has a lottery system, and I know people who went to MIT and Harvard who either didn't want the hassle or didn't win the lottery, so had to leave.</p><p>Living in the Valley wasn't for me because it meant compromising on family relationships and the ability to see friends in Europe.</p><p>That said, I won't say I'd never go back to San Francisco. If the business required me to be in the States, I'd find a way to make it work for my family. But my preference is to live in Europe and be in the States often enough to get the benefits.</p><p><em>Do you have a relocation story you want to share with Business Insider? Email </em><a target="_blank" href="mailto:ccheong@businessinsider.com"><em>ccheong@businessinsider.com</em></a></p>

I left Silicon Valley for Europe. Here's why I chose to launch my startup in Berlin.

<ul><li>The UK-based <keyword id="3165837" type="General" weightage="20" keywordseo="Fintech-company" source="Orion">fintech company</keyword> is looking forward to hiring 600 tech professionals by the end of 2026.</li><li>Earlier this year in June, the financial services company also announced its hiring plans of 1,000 people in India.</li><li>Click <a href="https://www.businessinsider.in/newsletter-17-december-2021/binewsletter/88306447.cms?utm_source=bi&amp;utm_medium=email_newsletter&amp;utm_campaign=Business_Insider_Newsletter">here</a> for simple, fun and yet insightful explainers on the hottest news developments every week.</li></ul><keyword id="45792" type="General" weightage="20" keywordseo="Tide" source="Orion">Tide</keyword>, a United Kingdom-based financial and banking services platform, is looking forward to hiring 600 tech professionals by the end of 2026 for its office in Hyderabad, which is the tech centre of the company in India. <br /><br />The neobank ⁠— which operates in partnership with RBL Bank in India ⁠— needs 300 engineers, with a particular focus on backend engineers in Java and Python, across various roles. It is also looking for experts in data science and Flutter.<br /><br />Founded in 2015 and launched in 2017, the fintech ⁠— valued at $650 <a href="https://timesofindia.indiatimes.com/business/india-business/tide-raises-100-million-in-series-c-funding/articleshow/84341739.cms">million</a> ⁠— will include training and hiring fresh graduates from institutes like Indian Institutes of Technology (IIT), National Institute of Technology (NIT) through an ‘Internship to hire’ programme.<br /><br />Interns who successfully complete the programme will be offered a full-time opportunity.<br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What is Tide?<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What does it do?<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">A digital financial and banking services platform with its India headquarters in Hyderabad and Gurgaon.<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offers business accounts, related banking services and administrative solutions to small and mid-size enterprises (SMEs)<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />Earlier this year in June, the financial services company also announced its hiring plans of 1,000 people in India. “So out of 1,000, 200 have already been hired and overall, we have a team size of over 350 today in India,” <keyword id="12753669" type="General" weightage="20" keywordseo="gurjodhpal-singh" source="Orion">Gurjodhpal Singh</keyword>, chief executive officer (CEO) at Tide (India) told Business Insider in an interaction.<br /><br />Other than tech professionals, the company will also be hiring people across business profiles for their Gurugram office, which is the business hub of the company. He further said, “Along with techies, we are also actively hiring for business teams and business roles. So that is another aspect of the 1,000 employees that we are looking to hire.”<br /><br />When asked about how the company will fund the new hiring plans, he said, “We have raised a decent Series-C earlier this year. So, both these put together put us in a position where now we can invest into further growth and that is what we are intending to do. Our growth journey will also be focused on growing in terms of revenue and market share. All that will go into investing into a larger team and building a more robust product.”<br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total funding raised so far<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key investors<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key competitors<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$195.2 million <br /><br /><br /><br />Source: Crunchbase<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Augmentum Fintech, Apax Digital, Passion Capital and SBI Group <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">InstantPay, Open, Revolut etc.<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />In an interview with Business Insider, Singh, also mentioned the aggressive growth plans in India in the next five years but did not reveal much details. He said, “ We have aggressive growth plans for the next 5-years. Considering that India has 10% of global SMEs, our aspiration is to impact 25% of the global SME base through Tide.”<br /><br />Singh mentioned his plans about launching new products in the Indian market and setting up of new offices in different states of the country. “ In parallel we will also be expanding our product foothold across the country, apart from Delhi and Hyderabad with our banking partner (RBL Bank). We're a very open and agile organization and would be open about moving into some more cities as well in India if need be. But for now, this is the plan,” said Singh.<br /><br /><strong>SEE ALSO:<br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/bank-of-baroda-recruitment-check-all-the-details-including-eligibility-last-date-to-apply/articleshow/88383348.cms"><strong>Bank of Baroda is looking for at least 52 engineers in Mumbai and Hyderabad to improve the app, user experience and quality</strong></a><br />

British neobank Tide wants to hire 600 techies and business execs in Hyderabad and Gurugram

Bengaluru-based neo-banking startup <keyword id="8555470" type="UNKNOWN" weightage="20" keywordseo="EpiFi">Epifi</keyword> on Monday said it has raised USD 13.2 million (around Rs 93.4 crore) in a seed funding round led by <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword> and <keyword id="2126501" type="PERSON" weightage="20" keywordseo="Ribbit-Capital">Ribbit Capital</keyword>. The company said it will utilise the funds to build its core technology platform, drive sales as well as marketing initiatives and expand its technology team. <br /><br /> The seed funding round that was led by Sequoia India and Ribbit Capital also saw participation from Hillhouse Capital and angel investors, including David Velez, the founder of Nubank, and Kunal Shah, Founder and CEO, CRED, the statement said.
<br /><br /> Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a startup company in exchange for an equity stake or convertible note stake in the company.
<br /><br /> Founded in May last year by Google Pay top executives Sujith Narayanan and Sumit Gwalani, Epifi is a fintech startup that provides digital banking solutions.
<br /><br /> "Millennials are a digital-first generation who are reshaping the world's economy, pushing companies to re-examine the way they do business.... Through epiFi, our mission is to provide digital natives a new-age platform that uses customer insights and deep tech to simplify their banking journey and help them take a big step towards achieving financial freedom," Epifi Co-foundersaid Sujith Narayanan said.  SID  DRR

Neo-banking startup Epifi raises $13.2 mn from Sequoia India, Ribbit Capital

<ul><li>India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns.</li><li>Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, <keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">Cred</keyword>, <keyword id="3711711" type="General" weightage="20" keywordseo="simpl" source="Orion">Simpl</keyword> etc.</li><li>Fintech growth in sectors like agriculture, retail, health and property technology will also accelerate the growth.</li></ul>The Indian fintech market is expected to grow ten times and have assets to the tune of $1 trillion asset under management by 2030, says a report by Chiratae Ventures and EY. <br /><br />This growth will come on the back of government initiatives such as Digital India, Smart City, the development of UPI, the report says. <br /><br />Growth will be driven by the digital lending market, which is expected to grow to $515 billion in book size by 2030 and a revenue of $200 billion.<br /><br />“India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns as of March 2022,” says the report titled ‘$1 Tn India FinTech Opportunity’. <br /><br />Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like Paytm, Cred, Simpl, <keyword id="2777173" type="General" weightage="20" keywordseo="razorpay" source="Orion">Razorpay</keyword>, Instamojo, Lendingkart and many others. <br /><br />Popularity of ‘<keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">buy now pay later</keyword>’ <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">(BNPL) </a>products and services has also fueled the growth of the industry both in B2C and B2B payments space. Just like credit cards, <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">BNPL schemes </a>allow you to buy products beforehand and pay the total amount in installments. <br /><br />According to TC Meenakshi Sundaram, co-founder and vice chairperson at Chiratae Ventures, fintechs have innovated for the underserved financial markets. The ecosystem has been supportive too.<br /><br />“These include fast-growing digital adoption and mobile penetration on the back of the cheapest data rates in the world offered by private telecom players, to enabling regulatory environment coupled with world-leading digital infrastructure (Aadhar, UPI, BBPS etc), and structural reforms and initiatives (GST, TReDSetc.),” said Sundaram.<br /><br />Fintech has also been growing in sectors like agriculture, retail, health and property technology. The report states that payments, digital lending, wealthtech, insurtech, and neo-banking will all be contributing to growth in the fintech space with agri+fintech and prop+fintech considered to be big bets. <br /><br />“India is recognized as a strong fintech hub globally and is increasingly becoming a talent destination for fintech businesses,” said Rajiv Memani, chairman and managing partner at EY India.<br /><br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/not-only-foreign-investors-but-indian-retail-investors-also-seem-to-be-losing-faith-in-markets/articleshow/93457258.cms">Although FII flows have reversed, retail investor confidence remains low thanks to macro concerns</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/goa-hotels-had-the-most-occupancies-and-they-earned-more-too-says-report/articleshow/93456193.cms">Goa hotels had the most occupancies and they earned more too, says report</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/only-12-delhi-covid-19-cases-are-in-official-records-says-report/articleshow/93446996.cms">Only 12% Delhi Covid-19 cases are in official records, says report</a>

Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

These 44 pitch decks helped fintechs disrupting trading, investing, and banking raise millions in funding

<ul class="summary-list"><li>Insider has been tracking the next wave of hot new <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword> in the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> space. </li><li>Check out these pitch decks to see how founders sold their vision.</li></ul><p>Crypto is dead. Long live crypto.</p><p>No matter what side of the debate you fall on, one thing is undeniable: There is no lack of startups launching with an eye on <keyword id="11894540" type="UNKNOWN" weightage="60" keywordseo="digital-currencies" source="Orion">digital currencies</keyword>. </p><p>A record $25 billion in funding went to <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword> companies last year,<a href="https://www.cbinsights.com/research/report/blockchain-trends-2021/"> according to CB Insights 2021 State of Blockchain report.</a> The market has gotten so hot that crypto companies are launching their own investing vehicles <a href="https://www.businessinsider.com/crypto-companies-investing-blockchain-startups-coinbase-binance-venture-capital">focused on startups in the space</a>.</p><p>Insider has been tracking the next wave of hot new startups focused on crypto.</p><p>Check out these pitch decks to see how founders are selling their vision and nabbing big bucks in the process.</p><h2>Crypto staking made easy</h2><div type="image" title="Ethan and Eric Parker, founders of Giddy" height="1387" width="1850" msid="91821343" hostid="261"></div><p>From the outside looking in, <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> can seem like a world of potential, but also one of complexity. </p><p>That's because digital currencies, which can be traded, invested in, and moved like traditional currencies, operate on decentralized blockchain networks that can be quite technical in nature. Still, they offer the promise of big gains and have been thrusted into the mainstream over the years, converting <a href="https://www.businessinsider.com/crypto-projects-and-plans-at-top-wall-street-banks">Wall Street stalwarts</a> and <a href="https://www.businessinsider.com/bank-employee-crypto-investing-compliance-rules-personal-trading-monitoring-preclear-2021-11">bankers</a>.</p><p>But for the everyday investor, a fear of missing out is settling in. That's why brothers Ethan and Eric Parker built Giddy, a mobile app that enables users to invest in crypto, earn passive income on certain crypto holdings via staking, and get into the red-hot space of <a href="https://www.businessinsider.com/what-is-defi">decentralized finance</a>, or DeFi.</p><p>"What we're focusing on is giving an opportunity for people who otherwise couldn't access DeFi because it's just technically too difficult," Eric Parker, CEO at Giddy, told Insider.</p><h2><a href="https://www.businessinsider.com/giddy-crypto-defi-investing-startup-pitch-deck-seed-round-2022-2?r=crypto-teaser">Here's the 7-page pitch deck Giddy, an app that lets users invest in DeFi, used to raise an $8 million seed round</a></h2><h2>Retirement accounts for crypto</h2><div type="image" title="Head shot of Todd Southwick, CEO and co-founder of iTrustCapital" height="1801" width="2396" msid="91821345" hostid="261"></div><p>Todd Southwick and Blake Skadron stuck to a simple mandate when they were building out iTrustCapital, a $1.3 billion fintech that strives to offer cryptocurrencies to the masses via dedicated individual retirement accounts.</p><p>"We wanted to make a product that we would feel happy recommending for our parents to use," Southwick, the CEO of iTrustCapital, told Insider. </p><p>That guiding framework resulted in a software system that helped to digitize and automate the traditionally clunky and paper-based process of setting up an IRA for alternative assets, Southwick said. </p><p>"We saw a real opportunity within the self-directed IRAs because we knew at that point in time, there was a fairly small segment of people that was willing to deal with the inconvenience of having to set up an IRA" for crypto, Southwick said. The process often involved phone calls to sales reps and over-the-counter trading desks, paper and fax machines, and days of wait time.</p><p>iTrustCapital allows customers to buy and sell cryptocurrencies using tax-advantaged IRAs with no monthly account fees. The startup provides access to <a href="https://itrustcapital.com/cryptocurrencies/">25 cryptocurrencies</a> like bitcoin, ethereum, and dogecoin — charging a 1% transaction fee on crypto trades — as well as gold and silver.</p><h2><a href="https://www.businessinsider.com/itrustcapital-pitch-deck-crypto-ira-retirement-bitcoin-investing-2022-1?r=crypto-teaser">iTrustCapital, a fintech simplifying how to set up a crypto retirement account, used this 8-page pitch deck to raise a $125 million Series A</a></h2><h2>A crypto neobank</h2><div type="image" title="Aaron Bai, CEO, and Sahil Phadnis, CTO, of Pebble stand against a wall" height="734" width="979" msid="91821348" hostid="261"></div><p>It was during a fourth-year business class that Aaron Bai and Sahil Phadnis had their light-bulb moment to found Pebble.</p><p>The then-UC Berkley students were assigned a group project to pitch a startup to the rest of the class. It was early-2021, when crypto was riding high and re-emerged as a trending topic after digital currencies like Bitcoin, Ethereum, and Litecoin experienced a lift in the market. </p><p>"Me and Aaron wanted to do a crypto one and the entire group was like, 'No, this is a scam, we're not going to do anything crypto,'" Phadnis, the startup's CTO, told Insider. "It was kind of a wow moment."</p><h2><a href="https://www.businessinsider.com/pebble-neobank-crypto-pitch-deck-crypto-for-seed-round-2022-5?r=crypto-teaser">Read the pitch deck that secured $6.2 million for Pebble, the new Y-Combinator-backed crypto startup that's been accused by a competitor of using sneaky tactics to copy its product and pitch</a></h2><h2>Private market data on the blockchain</h2><div type="image" title="Pat O'Meara" height="1428" width="1905" msid="91821349" hostid="261"></div><p>For investors in publicly-traded stocks, there's typically no shortage of company data to guide investment decisions. Company financials are easily accessible and vetted by teams of regulators, lawyers, and accountants.</p><p>But in the private markets — which encompass assets that range from real estate to private credit and private equity — that isn't always the case. Within real estate, for example, valuations of a specific slice of property are often the product of heavily-worked Excel models and a lot of institutional knowledge, leaving them susceptible to manual error at many points along the way.</p><p>Inveniam, founded in 2017, is a software company that tokenizes the business data of private companies on the blockchain. Using a distributed ledger allows Inveniam to keep track of who is touching the data and what they are doing to it.</p><h2><a href="https://www.businessinsider.com/pitch-deck-inveniam-blockchain-private-market-data-transform-private-equity-2021-12?r=crypto-teaser">Check out the 16-page pitch deck for Inveniam, a blockchain-based startup looking to be the Refinitiv of private-market data</a></h2><h2>Blockchain for private-markets investing </h2><div type="image" title="Carlos Domingo is cofounder and CEO of Securitize." height="600" width="1200" msid="91821350" hostid="261"></div><p>Securitize, founded in 2017 by the tech industry veterans Carlos Domingo and Jamie Finn, is bringing blockchain technology to private-markets investing. The company raised $48 million in Series B funding on June 21 from investors including Morgan Stanley and Blockchain Capital.</p><p>Securitize helps companies crowdfund capital from individual and institutional investors by issuing their shares in the form of blockchain tokens that allow for more efficient settlement, record keeping, and compliance processes. Morgan Stanley's Tactical Value fund, which invests in private companies, made its first blockchain-technology investment when it coled the Series B, Securitize CEO Carlos Domingo told Insider.</p><h2><a href="https://www.businessinsider.com/securitize-series-b-pitch-deck-blockchain-private-markets-morgan-stanley-2021-7?r=crypto-teaser" target="_blank" rel="noopener">Here's the 11-page pitch deck a blockchain startup looking to revolutionize private-markets investing used to nab $48 million from investors like Morgan Stanley</a></h2><h2>Blockchain-based credit score tech </h2><h2><div type="image" title="John Sun, Anna Fridman, and Adam Jiwan are the cofounders of fintech startup Spring Labs." height="480" width="960" msid="91821351" hostid="261"></div></h2><p>A blockchain-based fintech startup that is aiming to disrupt the traditional model of evaluating peoples' creditworthiness recently raised $30 million in a Series B funding led by credit reporting giant TransUnion.</p><p>Four-year-old Spring Labs aims to create a private, secure data-sharing model to help credit agencies better predict the creditworthiness of people who are not in the traditional credit bureau system. The founding team of three fintech veterans met as early employees of lending startup Avant.</p><p>Existing investors GreatPoint Ventures and August Capital also joined in on the most recent round.  So far Spring Labs has raised $53 million from institutional rounds.</p><p>TransUnion, a publicly-traded company with a $20 billion-plus market cap, is one of the three largest consumer credit agencies in the US. After 18 months of dialogue and six months of due diligence, TransAmerica and Spring Labs inked a deal, Spring Labs CEO and cofounder Adam Jiwan told Insider.</p><h2><a href="https://www.businessinsider.com/the-deck-a-blockchain-credit-fintech-used-to-raise-from-transunion-2021-6?r=crypto-teaser" target="_blank" rel="noopener">Here's the 10-page pitch deck blockchain-based fintech Spring Labs used to snag $30 million from investors including credit reporting giant TransUnion</a></h2><h2><strong>Pay-as-you-go compliance for banks, fintechs, and crypto startups</strong></h2><p><strong></strong></p><div type="image" title="Themis founder and CEO Neepa Patel" height="1980" width="2640" msid="91821352" hostid="261"></div><p>When Themis founder and CEO Neepa Patel set out to build a new compliance tool for banks, <a href="https://www.insiderintelligence.com/insights/fintech-companies-startups">fintech startups</a>, and crypto companies, she tapped into her own experience managing risk at some of the nation's biggest financial firms. </p><p>Having worked as a bank regulator at the Office of the Comptroller of the Currency and in compliance at Morgan Stanley, Deutsche Bank, and the <keyword id="6356323" type="UNKNOWN" weightage="60" keywordseo="enterprise" source="Orion">enterprise</keyword> blockchain company R3, Patel was well-placed to assess the shortcomings in financial compliance software. </p><p>But Patel, who left the corporate world to begin work on Themis in 2020, drew on more than just her own experience and frustrations to build the startup.</p><p>"It's not just me building a tool based on my personal pain points. I reached out to regulators. I reached out to bank compliance officers and members in the fintech community just to make sure that we're building it exactly how they do their work," Patel told Insider. "That was the biggest problem: No one built a tool that was reflective of how people do their work."</p><h2><a href="https://www.businessinsider.com/see-pitch-deck-compliance-startup-themis-9-million-seed-funding-2022-5?r=crypto-teaser">Check out the 9-page pitch deck Themis, which offers pay-as-you-go compliance for banks, fintechs, and crypto startups, used to raise $9 million in seed funding</a></h2><h2>Infrastructure for crypto and Web3 exchanges</h2><div type="image" title="0x Labs" height="3866" width="5155" msid="91821353" hostid="261"></div><p>0x Labs, a Web3 startup that builds infrastructure used by decentralized crypto exchanges, <a href="https://www.theblockcrypto.com/linked/143579/decentralized-exchange-infrastructure-provider-0x-labs-raises-70-million">raised $70 million in a Series B funding round last month</a>.</p><p>VC firm Greylock Partners led the funding round, which also pulled in investment from European hedge fund Brevan Howard and leading crypto exchange Coinbase. Internet entrepreneur Reid Hoffman and "<a href="https://www.insider.com/category/morbius">Morbius</a>" star Jared Leto also participated in 0x Labs' Series B.</p><p>Decentralized exchanges allow for peer-to-peer crypto transactions to take place without a centralized intermediary. 0x Labs builds infrastructure for decentralized businesses and developers.</p><p>"We help businesses to eliminate the complexity of building in the increasingly fragmented decentralized exchange space," 0x Labs co-founder and co-CEO Amir Bandeali said. "We provide solutions that make it easy for app developers to incorporate exchange functionality and deliver the best selection of tokens at the best prices to their users."</p><h1><a href="https://www.businessinsider.com/crypto-web3-pitch-deck-startup-series-b-funding-0x-labs-2022-5">Check out the 19-slide pitch deck crypto startup 0x Labs used to raise $70 million in a Series B funding round</a></h1>

Check out these 8 pitch decks of crypto startups that have raised millions

<ul class="summary-list"><li><keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> is an IT <keyword id="13574709" type="UNKNOWN" weightage="60" keywordseo="outsourcing" source="Orion">outsourcing</keyword> powerhouse.</li><li>It exports $6.8 billion in services a year, accounting for about 4% of the country's GDP.</li></ul><p>Maxim Ivanov left the northeastern city of Kharkiv when Russian airstrikes started on February 24.</p><p>He and his wife bundled their seven-year-old twins and pet cat into a car and headed west. The family eventually ended up in the central Ukrainian city of Uman. More than a month later, part of Ivanov's life has taken on a hum of regularity as he continues to work at Aimprosoft, the software development firm he cofounded in 2005.</p><p>Uman is in a safe zone, Ivanov told Insider, but "it can still be a stressful situation because there is always the possibility of airstrikes." He has been considering sending his kids abroad to get them away from the war, but he will stay on in Ukraine, where he services clients from as far as the US, the European Union, UAE, and Israel. Ukrainian men aged 18 to 60 are currently banned from leaving the country, as they may be drafted.</p><p>As the war in Ukraine progresses into its seventh week, hundreds of thousands of Ukrainian IT specialists like Ivanov have continued to work in the country, keeping apps and services around the world going. While many are working from Ukrainian cities that are currently considered safe zones, others are still in dangerous locations.</p><h2>Ukraine is an IT outsourcing powerhouse</h2><p>Ukraine is an IT-outsourcing powerhouse, exporting $6.8 billion of services a year — about 4% of the country's GDP, according to the <a href="https://reports.itukraine.org.ua/en">IT Ukraine Association.</a> There were about 285,000 IT professionals in Ukraine in 2021, servicing clients around the world, per the industry association.</p><p>It has also a prominent <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword>-startup scene. Online-writing assistant Grammarly and code repository GitLab were both founded in Ukraine, though both have been based in the US for several years. Other tech companies, like Estonian ride-hailing startup Bolt and neo-bank Revolut, have had staff based out of the country. Both offered relocation support to employees based in the country after <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of Ukraine, <a href="https://www.businessinsider.com/tech-firms-startups-rush-to-assist-staff-in-ukraine-2022-2">Insider</a> previously reported.</p><p>In Umam, which is not currently in a war zone, Ivanov said the internet connection and bank services have been relatively stable, and they have allowed him to keep Aimprosoft's operations going.</p><p>Ivanov is now working out of a hotel room in Umam. </p><p><strong></strong></p><div type="image" title="Maxim Ivanov, CEO and co-founder of Aimprosoft working out of his hotel room in Uman, Ukraine." height="958" width="1277" msid="90726199" hostid="261"></div><p>The company has kept up with 50 to 70 projects, he said. One project was briefly put on hold due to security concerns that were eventually resolved.</p><p>"There were about three days of chaos at the beginning of the war, but we try to give support to everyone," he said. The COVID-19 pandemic also helped employees adjust to remote work before the war, he added.</p><h2>Keeping their focus</h2><p>According to a poll by IT Ukraine, more than 70% of IT professionals are working from the safe regions of Ukraine. Another 16% — who are mostly women — have left due to the war and are working overseas, per the <a href="https://reports.itukraine.org.ua/en">survey published on March 23.</a> The survey covered 30 IT companies in Ukraine that employ 34,000 IT professionals in total.</p><p>And the survey shows that 77% of companies have retained almost all customers and contracts.</p><p>Some IT staff are working from cities where multiple air-raid sirens could be going off in a day, so they need to hunker down to work in bomb shelters, said Mikki Kobvel, the CEO of Kobvel Software Consulting, a Ukrainian company that has staff based around the world.</p><p>Konstantin Vasyuk, the executive director of the IT Ukraine Association, was speaking to journalists virtually from an undisclosed location with air raid sirens in the background, <a href="https://www.computerworld.com/article/3655933/ukrainian-it-industry-says-it-s-still-open-for-business.html">Computerworld</a> reported last week.</p><p>"My employees do work sometimes from bomb shelters," Kobvel told Insider of his Ukraine-based staff. "Even if you stay in the safe zone, which is Western Ukraine, you hear the air raid sirens at least twice a day, so it's a routine to go once or twice a day. They go inside, stay there for one hour and then go back. So some people they don't go out, they just stay inside and they just work from there."</p><p>When <a href="https://www.businessinsider.com/satellite-images-reveal-russian-military-buildup-along-ukraine-border-2021-12">Russian troops started amassing</a> at the Ukrainian border late last year, some Ukrainian companies developed contingency plans to move developers from at-risk areas. Aimprosoft, for example, set up an office in the western city of Ivano-Frankivsk just before the war started. Most of Ivanov's 350 staff members are now working from there.</p><p>And Kobvel said he is renting a safe house in Spain to shelter staff and other Ukrainians who need help on their way out of the country.</p><p><strong></strong></p><div type="image" title="Ukrainian IT Aimprosoft's new office at Ivano-Frankivsk." height="577" width="768" msid="90726200" hostid="261"></div><p>At Aimprosoft, programmers kept delivering on their work after a period of transition, one of the company's clients told Insider.</p><p>"Obviously, they dedicated time to making sure that they were safe and their family is safe but I can only describe it as a mental strength and fortitude to just keep on working," said Jordan Ellington, the founder and CEO of US-based SessionGuardian, which has been working with Aimprosoft for about a decade.</p><h2>Triggering business contingency plans</h2><p>Ultimately, however, amid the uncertainties of war, some Ukrainian IT firms are losing business, Kobvel told Insider.</p><p>"Because of business risk, a lot of companies just cut down on outsourcing to Ukraine or are cutting staff," Singapore-based Kobvel said. He runs a team of about 35 people, 25 of whom are currently still in Ukraine.</p><p>According to <a href="https://dou.ua/lenta/articles/when-started-hiring-juniors-again/">DOU.ua,</a> a Ukrainian platform for IT professionals, job vacancies for various levels fell 40% to 80% over the three weeks after war broke out.</p><p>While Ellington said he intend to stand by his Ukrainian contractors, he also said he's planning for any risk to business continuity.</p><p>Ellington said he has resources in other geographies and is thinking of nearshoring in Latin America, Canada, or the US. "From a risk management perspective, I don't want to have all my eggs in one basket," he said.</p>

Ukraine's 285,000 IT specialists power apps and software around the globe, and many of them are still working from Ukraine as the war rages around them

<p class="source"><span>Monzo</span></p><p class="caption">Tom Blomfield, CEO and founder of Monzo.</p><ul class="summary-list"><li><strong>Fast-growing challenger bank Monzo has 3.8 million customers in the UK and wants to scale into the US soon. </strong></li><li><strong>Founded in 2015, London-based Monzo has attracted a loyal following from customers with its bright coral pink debit cards and easy-to-use banking app.</strong></li><li><strong>Monzo announced its US launch in June 2019, but says it will take the rollout slowly.</strong></li><li><strong>"The needs of the consumer in the US are different," Tom Blomfield, Monzo cofounder and CEO told Business Insider in an interview. "We have to get the product market fit right and that's a discovery iteration that we are embarking on right now." </strong></li><li><strong><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</strong></li></ul><p>Five years ago, the company that would become Monzo was incorporated in London. Fast forward to the present day and the challenger banking startup has 3.8 million customers with 210,000 joining in January 2020 alone.</p><p>Known for its bright pink coral debit cards, Monzo is a UK-based neo bank which provides a number of financial services to consumers ranging from a current account to saving pots and access to loans. The company's growth in the UK has been astonishing, the brand started out as something of an elite club with a long waiting list for access but has now become one of the leaders in the crazily competitive fintech marketplace. </p><p>Formerly known as Mondo, <a href="https://www.businessinsider.com/mondo-name-change-trademark-users-chose-banky-mcbankface-2016-6?r=UK">the firm changed its name to Monzo</a> in 2016 thanks to a copyright challenge.</p><p>As a newcomer, Monzo remains comparatively small compared to the UK's roster of high street banks, namely RBS, Barclays, HSBC, and Lloyds. But its strength is the fierce loyalty of its customers, and Monzo boasted the highest net promoter score of any UK bank in 2018 with +80. The average UK banking score <a href="https://twitter.com/t_blom/status/1006817371816955904?lang=en">was just +4</a> in 2017. Monzo's loyal customers have continued to provide word of mouth referrals, meaning that with the exception of a TV ad campaign in the summer of 2019, the startup spends little to no money on marketing.</p><p>The high-street banks are rattled, and have tried to ape Monzo's success by launching their own challenger banks, with mixed success. RBS launched its digital-only bank, Bó, in November 2019 but <a href="https://www.fintechfutures.com/2020/02/rbs-changes-name-to-natwest-and-appoints-new-bo-ceo/">reportedly lost its CEO within a month</a>.</p><p>The question now is whether Monzo will have the same success in the US market, where many of its peers are jostling for position as well. </p><h2>Monzo has won religiously loyal millennial users in the UK</h2><p>"The needs of the consumer in the US are different," cofounder and CEO Tom Blomfield told Business Insider in an interview. "We have to get the product-market fit right and that's a discovery iteration that we are embarking on right now." </p><p>Monzo first announced its US expansion plans in June 2019.</p><p>Blomfield notes that it took Monzo two full years of operation to get 50,000 users in the UK and would be happy with that in the US, to begin with.</p><p>Monzo now has a US CEO, former Visa global head of payments TS Anil, who will lead the startup's operations stateside. The company doesn't plan on splashy marketing spend to win customers, a tactic employed by rivals such as German peer N26. The Berlin challenger bank launched a US marketing campaign in September and now has <a href="https://www.pymnts.com/news/digital-banking/2020/n26-reaches-250k-customers-since-us-launch/">250,000 customers in the US</a> and five million overall.</p><p>Other challenger banks like Revolut are also targeting the US market while domestic challengers like Chime continue to thrive. </p><h2><strong>Monzo's CEO talks about sustainable growth, not growth at all costs</strong></h2><p>Westward expansion can take many forms for European tech startups but an aggressive approach doesn't currently appear likely for Monzo.</p><p>Blomfield is keen ensure a receptive regulatory environment before rushing into the US market. He points to the recent decision of the FDIC (Federal Deposit Insurance Corporation) to give San Francisco fintech approval for deposit insurance as a positive sign for other disruptors.</p><p class="source"><span>Reuters</span></p><p class="caption">FILE PHOTO: Smartphone with Monzo logo is placed on the banknotes in this illustration</p><p>"We are very ambitious," Blomfield added. "We want to create a sustainable business that improves peoples' lives."</p><p>Monzo's UK growth has been impressive, though the firm remains loss-making for now.</p><p>The startup lost £47.2 million ($61 million) in 2018 and Blomfield says it will continue to be loss-making for the next two to three years. However, the expectation is that those losses will remain in the millions rather than the billions.</p><p>Blomfield stresses that the company's aim is to become profitable in a matter of years. Last September, the company rolled out paid accounts but abruptly stopped that plan. The next step will likely see the startup move further into loans, where it currently lends out around £120 million against deposits of £2 billion. </p><p>Similarly, Monzo has steadily pushed customers into transferring more of their banking needs to the company. Schemes like its gambling block were well received while the startup also offers users the ability to have their salary paid a day early. The company's annual report for 2018 notes that "The longer customers are with us,<br />the more profitable they become, and salaried users contribute +£30 - mainly driven by the money we make when people use their Monzo cards." This figure will likely increase in the future. </p><p>In the meantime, the company will continue to rely on external funding. Monzo has raised $421 million to date at a believed $2.5 billion valuation, with its <a href="https://www.businessinsider.com/monzo-wins-113-million-funding-from-y-combinator-continuity-vcs-2019-6?r=US&amp;IR=T&amp;utm_source=Triggermail&amp;utm_medium=email&amp;utm_campaign=Post%20Blast%20%28bii-fintech%29:%20Monzo%20nabs%20%24144M%20funding%20for%20US%20push%20%7C%20JPMorgan%20to%20start%20crypto%20trial%20%7C%20Blend%20snags%20%24130M&amp;utm_term=BII%20List%20Fintech%20ALL">last round</a> coming in July 2019 from Y Combinator Continuity. The startup is said to be in talks to <a href="https://www.businessinsider.com/monzo-challenger-bank-startup-looking-for-130-million-new-vc-funding-2019-12?r=US&amp;IR=T">raise up to $130 million,</a> having met with a number of investors - including SoftBank - in the past year. Blomfield declined to comment on potential fundraising. </p><p>The company's headcount tripled from 500 to 1,500 in 2019 with Blomfield expecting at least another 100 staff to join Monzo's head office in 2020. Blomfield believes the startup will be one of the winners in the UK banking market in the future and estimates there could be another 100 million customers available in the US. </p><p>"I think the whole world is going to move on to digital banking in the next 10 years so you're targeting<br />approximately 7 billion people and I think you will get winners per geography," Blomfield said. "Getting big for the sake of it isn't the goal." </p><p class="tagline"><a href="https://store.businessinsider.com/products/banking-pro?itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=banking&amp;itm_campaign=banking-2"></a><br /><br />Read the latest <a href="/banking">banking news</a> and featured articles:<br />- <a href="/banking-industry-trends">Banking Industry Trends</a><br />- <a href="/future-of-banking-technology">Future of Banking Technology</a><br />- <a href="/mobile-banking-market-trends">Mobile Banking Market</a><br />- <a href="/banking-as-a-service-industry">Banking as a Service Explained</a><br />- <a href="/digital-banking">Digital Banking</a><br />- <a href="/open-banking-api-trends-explained">Open Banking &amp; Bank APIs</a><br />- <a href="/alternative-lending-nonbank-industry">Alternative Lending &amp; Nonbanks</a><br />- <a href="/evolution-of-the-us-neobank-market">US Neobank Market</a></p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/samsungs-galaxy-s20-z-flip-event-unpacked-2020-2">Samsung's Galaxy S20 and Galaxy Z Flip event in 7 minutes</a></h3>

Monzo, one of Europe's hottest neobank startups, wins 200,000 customers a month without marketing. Now it's coming for the US.

<ul class="summary-list"><li>This story was delivered to Business Insider Intelligence Banking subscribers earlier this morning.</li><li><a href="https://store.businessinsider.com/products/banking-pro?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-varo-becomes-first-neobank-to-win-fdic-approval-2020-2">To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.</a></li></ul><p>The San Francisco-based neobank won <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cudmFyb21vbmV5LmNvbS9wcmVzc19yZWxlYXNlL2ZkaWMtYXBwcm92YWwtbW92ZXMtdmFyby10by1maW5hbC1zdGFnZS1vZi1iYW5rLWNoYXJ0ZXItam91cm5leS8/5d233c18f730436f2414784fB83427654" target="_blank" rel="noopener">approval</a> earlier this week to use federal deposit insurance from the FDIC, a milestone in its three-year journey toward receiving a national bank charter. Upon receiving full bank charter approval, Varo plans to roll out more products, including credit cards and joint accounts.</p><p>Varo is the first neobank to receive FDIC approval, accelerating its long-running push to obtain a license to accept government-insured deposits. Varo initially <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cud3NqLmNvbS9hcnRpY2xlcy9maW50ZWNoLXZhcm8tbW92ZXMtY2xvc2VyLXRvLWJlY29taW5nLWEtYmFuay0xMTU4MTM2MTk5MA/5d233c18f730436f2414784fB6fce8f06" target="_blank" rel="noopener">applied</a> for FDIC insurance in 2017, per The Wall Street Journal - simultaneously applying for a national bank charter from the Office of the Comptroller of the Currency (OCC), which granted the neobank <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cudmFyb21vbmV5LmNvbS9wcmVzc19yZWxlYXNlL3Zhcm8tbW9uZXktZ3JhbnRlZC1wcmVsaW1pbmFyeS1hcHByb3ZhbC1mb3ItbmF0aW9uYWwtYmFuay1jaGFydGVyLw/5d233c18f730436f2414784fBaadba166" target="_blank" rel="noopener">preliminary</a> approval in September 2018.</p><p>Varo withdrew its FDIC application in 2018 to improve operations per the agency's guidance, and refiled with the FDIC in July 2019. CEO Colin Walsh expects the final approval to happen in Q2 2020, at which time accounts would be transferred over from Bancorp, its current partner bank. In the meantime, the neobank still needs to take a few final steps, including passing a preopening exam.</p><p>Walsh said the charter could be a "watershed moment" - and we think it could serve as a blueprint for other neobanks operating in the US.</p><p>Varo's approach marks a notable departure from its competitors', all of which rely on a partner bank. US regulations require neobanks to choose between pursuing their own license - which only Varo has done - or partner with an incumbent bank, which would then take a cut of their profits. Walsh has previously <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS92YXJvLWZpbGVzLWFwcGxpY2F0aW9uLWJhbmstY2hhcnRlci0yMDE5LTc_cj1VUyZJUj1U/5d233c18f730436f2414784fBbf619c60" target="_blank" rel="noopener">expressed</a> that he feels it's unsustainable to try to grow while operating under a sponsor bank. If more neobanks follow suit, it could eliminate the need for sponsor banks, a role largely played by community banks.</p><p>A license could position Varo for future success by enabling it to engage in more lucrative segments of retail banking, like personal loans and mortgages. Varo will now have the freedom to control its own deposits and use them to fund its loans. It could add these capabilities to its existing lineup of features like overdraft protection and early wage access.</p><p>The license will also give the neobank full <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Zhcm8tbW9uZXktZGlnaXRhbC1uYXRpb25hbC1iYW5rLTI5MGQxNWQxLTRmYjktNDE1YS04YmFhLWYyMjE4NGE3ODZlOC5odG1s/5d233c18f730436f2414784fB6bdf5aff" target="_blank" rel="noopener">access</a> to its customers' data, whereas its competitors in the US, like Chime and N26, have to rely on partner banks. Walsh has said that a charter would enable Varo to make money from deposits and continue to offer its services for free, as well as give the neobank a number of cost advantages and allow it to compete with a breadth of products. </p><p>It's important to note that, with a license, Varo will now have to dedicate more resources to regulatory compliance. This responsibility would have previously fallen to its sponsor bank: Half of banks <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9wcm9mZXNzaW9uYWwvYmxvZy9yaXNpbmctY29tcGxpYW5jZS1jb3N0cy1odXJ0aW5nLWN1c3RvbWVycy1iYW5rcy1zYXkv/5d233c18f730436f2414784fB9b8b3c6a" target="_blank" rel="noopener">surveyed</a> by the Risk Management Association said they spent between 6% and 10% of their revenue on compliance costs in 2017. Despite the potential risks of incurring compliance and other regulatory-related costs, Varo is positioning itself for long-term sustainability by pursuing a banking license independent of a partner bank. </p><p>The FDIC granting Varo approval suggests regulators might be shifting to accommodate digital startups. This is one of the few times the FDIC has given a fintech company the ability to provide insured deposits, which banks have strongly opposed in the past, per the Journal.</p><p>The apparent change in regulatory attitude comes at a time when US consumer dissatisfaction with banks is growing: They're particularly frustrated with <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cuYmFua3JhdGUuY29tL2JhbmtpbmcvY2hlY2tpbmcvY2hlY2tpbmctYWNjb3VudC1zdXJ2ZXkv/5d233c18f730436f2414784fB82de648a" target="_blank" rel="noopener">rising</a> overdraft fees and <a href="https://e.businessinsider.com/click/19418706.4/aHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAxOS8xMC8zMC9idXNpbmVzcy9lY29ub215L2ZlZGVyYWwtcmVzZXJ2ZS1pbnRlcmVzdC1yYXRlcy5odG1s/5d233c18f730436f2414784fBf134ee44" target="_blank" rel="noopener">lowering</a> interest rates, both of which have created an opening for neobanks to enter and offer no-fee, high-yield accounts. These factors are creating a landscape in which digital-first, no-fee alternatives to big banks are increasingly sought out, setting up neobanks for success - and regulators may now be on board as well.</p><p><em><strong>Want to read more stories like this one? 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Varo has become the first neobank to win approval for FDIC insurance

<ul class="summary-list"><li><span>This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers. </span></li><li><span>To receive the full story plus other insights each morning, <a href="https://www.businessinsider.com/intelligence/bi-intelligence-fintech-and-payments-research-bundle?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-revolut-launches-stock-trading-services-in-europe-2019-8">click here.</a></span></li></ul><p>The UK neobank has rolled out a commission-free stock trading service across Europe, according to <a href="https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDE5LzA3LzMxL3Jldm9sdXQtbGF1bmNoZXMtc3RvY2stdHJhZGluZy1pbi1saW1pdGVkLXJlbGVhc2Uv/5d233c18f730436f2414784fBdd44d33c" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDE5LzA3LzMxL3Jldm9sdXQtbGF1bmNoZXMtc3RvY2stdHJhZGluZy1pbi1saW1pdGVkLXJlbGVhc2Uv/5d233c18f730436f2414784fBdd44d33c&amp;source=gmail&amp;ust=1564812448489000&amp;usg=AFQjCNF7RTAB9LVjkng3p9CW25-AX2nzpw">TechCrunch</a>. Initially, the service will only be available to a select number of its Metal card customers, but the neobank is aiming to introduce the service for its Standard and Premium users in the next few weeks.<div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Users with a Metal card - which comes with a cost of £12.99 ($15.72) or €13.99 ($16.93) - get 100 instant free trades, while Standard and Premium customers get eight and three, respectively. Trades made outside of the allowance have a £1 ($1.21) fee and an annual custody fee of 0.01%.</p><p>The feature currently allows users to invest in 300 US-listed stocks on NASDAQ and NYSE, but over time Revolut plans to add UK and European stock, as well as Exchange Traded Funds (ETFs).</p><p><strong>Here's what it means:</strong> With an easily accessible trading service, Revolut can differentiate from competitors and will likely see high demand from users.</p><ul><li>Revolut is the first neobank to dip into trading. The startup has <a href="https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL3ByZXNzYXJ0aWNsZS83MjQxNS9yZXZvbHV0LWxhdW5jaGVzLWNyeXB0b2N1cnJlbmN5LXBsYXRmb3Jt/5d233c18f730436f2414784fBa377bd5d" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL3ByZXNzYXJ0aWNsZS83MjQxNS9yZXZvbHV0LWxhdW5jaGVzLWNyeXB0b2N1cnJlbmN5LXBsYXRmb3Jt/5d233c18f730436f2414784fBa377bd5d&amp;source=gmail&amp;ust=1564812448489000&amp;usg=AFQjCNF1FKCJZyliQPhdjMlIOold6bbe-w">allowed</a> users to buy, hold, and exchange cryptocurrencies within its app since early 2018. The latest feature has long been anticipated, and rumors around Revolut launching a stock trading service emerged as early as <a href="https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3Jldm9sdXQtaGl0cy0yLW1pbGxpb24tY3VzdG9tZXJzLXVzLWFsdC1sZW5kZXItcmFpc2VzLTYwLW1pbGxpb24tcHJvc3Bhcy1pcG8tZmFjZXMtZGVsYXlzLTIwMTgtNg/5d233c18f730436f2414784fB2f895a73" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3Jldm9sdXQtaGl0cy0yLW1pbGxpb24tY3VzdG9tZXJzLXVzLWFsdC1sZW5kZXItcmFpc2VzLTYwLW1pbGxpb24tcHJvc3Bhcy1pcG8tZmFjZXMtZGVsYXlzLTIwMTgtNg/5d233c18f730436f2414784fB2f895a73&amp;source=gmail&amp;ust=1564812448489000&amp;usg=AFQjCNHraerH2-AjA2MlOfOf9ZbR02zkzA">June 2018</a>. No other major neobank in Europe currently enables users to trade stocks within their app, allowing Revolut to differentiate itself from the competition, which may draw more consumers toward the startup.</li><li>Additionally, UK consumers are interested in investing in the stock market. Across all demographics in the country, <a href="https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3lvdW5nZXItZGVtb2dyYXBoaWNzLXdhbnQtdG8taW52ZXN0LWluLXN0b2Nrcy1idXQtdG8tbWFrZS10aGlzLWhhcHBlbi1pbmN1bWJlbnRzLW5lZWQtdG8tcHJvdmlkZS10aGVtLXdpdGgtdGFpbG9yZWQtc2VydmljZXMtMjAxOS03/5d233c18f730436f2414784fB19c88cb5" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3lvdW5nZXItZGVtb2dyYXBoaWNzLXdhbnQtdG8taW52ZXN0LWluLXN0b2Nrcy1idXQtdG8tbWFrZS10aGlzLWhhcHBlbi1pbmN1bWJlbnRzLW5lZWQtdG8tcHJvdmlkZS10aGVtLXdpdGgtdGFpbG9yZWQtc2VydmljZXMtMjAxOS03/5d233c18f730436f2414784fB19c88cb5&amp;source=gmail&amp;ust=1564812448489000&amp;usg=AFQjCNF0sL7CKZJM_otHhC5PsxmN-aze7w">nearly 50%</a> of consumers would consider investing in the stock market, yet only 1 in 5 has done so. Gen Z is the most interested in investing, and given that Revolut's users are likely skewed toward younger generations, there will probably be high demand from users to try out the new trading feature. And being able to buy shares for as little as $1 will probably be a welcomed feature for those users starting to build their wealth.</li></ul><p><strong>The bigger picture:</strong> As competition in the neobank space continues to heat up, differentiation is becoming vital to survival.</p><ul><li>Established neobanks like Revolut are being challenged by other fintechs moving into the banking space and big techs upping their financial services. As such, it's becoming increasingly important for the likes of Revolut to broaden their product suites to become one-stop hubs for financial matters. This gives them a stickier value proposition and makes it more likely consumers will choose them over competitors.</li><li>Moreover, by adding features to its multitiered premium products - such as more free trades - Revolut might be able to sign up additional paying users. Eighty thousand users <a href="https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L25hdHdlc3QtYmV0cy1vbi1pbi1ob3VzZS1za2lsbC10cmFpbmluZy0yMDE5LTE/5d233c18f730436f2414784fBe5f7ad18" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17656724.5602/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L25hdHdlc3QtYmV0cy1vbi1pbi1ob3VzZS1za2lsbC10cmFpbmluZy0yMDE5LTE/5d233c18f730436f2414784fBe5f7ad18&amp;source=gmail&amp;ust=1564812448489000&amp;usg=AFQjCNGNcZKJcZQre1zXf7wdR2XuBJ404A">signed up</a> for the neobank's Metal card one month after its launch. So, adding more value to the cards will probably convince even more users to sign up for the paid service, which will help increase Revolut's revenue stream. The neobank should continue to add more features to increase sign-ups.</li></ul><p><strong>Here's an industry opinion, as told to Business Insider Intelligence:</strong></p><p><em>"Typically, startups are in a race to get distribution before incumbents find product market fit. Revolut has massive distribution, which means if it can continue to be good at product, it will be a formidable competitor for incumbents and fintech startups alike. Having a single app that does everything well is a massive challenge, but companies in Asia like WeChat and Alipay have shown that the prize for getting it right is massive."</em><strong><span> </span>- Brad van Leeuwen,<span> </span></strong>VP of partnerships and marketing at<span> </span><strong>Railsbank</strong></p><p><em><strong>Interested in getting the full story? 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