Why Gen Z and millennial-focused neobanks are raising $100 million+ mega-rounds
Neobanks focused on the next-generation, including Current, Greenlight, and Step, recently raised $580 million in combined funding across 3 $100 million+ mega-rounds. I sat down with Zach Anderson Pettet on the For Fintech Sake podcast to unpack the trio of deals.See below for highlights from the conversation.
Our conversation covers:
How to differentiate neobanks targeting Gen Z and millennial consumers
When to use TikTok and influencers as a customer acquisition strategy
How to use the product roadmap to remain relevant as customers mature
Our outlook, the largest neobank targeting younger demographics has captured < 7% of the 47 million households in the US with kids. Well-funded, each has room to capture more of their respective target markets.
Fast funding facts:
Round: $220 million Series D
Valuation: $2.2 billion
Traction: 3 million active users
Target demographic: Initially launched targeting Gen Z, however, has moved upmarket to serve millennial and mass-market consumers
You can also listen to this episode of the For Fintech Sake podcast on Spotify and Apple Podcasts. We are looking to iterate on the format so please reach out or leave a review with your feedback.
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