Digital only banking startups are finding it hard to scale as their offerings are similar to incumbent banks but with some better tech; with the amount of companies starting to increase these banks should think of focusing on a particular niche to get greater traction says Satya Patel, a partner at VC firm Homebrew; customer acquisition costs and a viable revenue model are two of the biggest barriers for companies; online lenders like SoFi have started to offer banking services on top of lending as a means to offer customers more products after providing an initial service. Source.
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.