Digital Banks Set to Rebound After Growing Pains

American Banker takes a look at some of the better know digital banks and how they are trying to build a resurgence after coming up against a variety of headwinds in the last few years; Simple’s founder and CEO Josh Reich is leaving but after a quarter where they made improvements in tech, launched paper checks and outperformed on revenue, gross margin and net income; Moven has split their business into two, a tech provider and a mobile only bank, and designed a better savings feature; Chime has honed their product to be transparent, fair and not based on fees to customers; Varo Money is in the process of trying to acquire a national banking charter and they have learned tone of voice is a big factor when dealing with millennial and finance. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.