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What is a neobank and how does it work?

Fintech companies collaborate with traditional banks to deliver financial solutions and banking services in this paradigm. This concept aims to provide the best of both worlds to the customer. Customers can benefit from advances in the fintech area while still using traditional banking services.
These are fintech companies that offer a suite of products to make financial services more convenient for their target customers. They essentially provide tools or platforms that help users manage their finances.
Neobanks obtain licenses from regulatory agencies, allowing them to operate as challenger banks.