Neobanks are a type of financial technology, or fintech, aimed at making banking faster, cheaper and easier. They have grown significantly, especially alongside racial protests over the last year highlighting financial inequities, which have been exacerbated partly by lack of access to banking.
Tim Prier started one of these neobanks, called Wicket, in the Kansas City area. He saw it a way to reach communities that couldn’t access traditional banking services.
“I wanted to be able to offer an inexpensive or a cost-efficient way for them to be accessing the same services that the bank was utilizing,” Prier said.
The latest episode of the Speaking Startup podcast looks at upstart neobanks, the problems they are trying to address and the challenges they face.
Plus, the latest installment of the Outstate project on entrepreneurs in small-town Missouri takes us to Kirksville. There, we heard from immigrant entrepreneurs who have started businesses in the food sector, bringing a taste of their home to Missouri.
The Speaking Startup podcast explores news and issues important to Missouri entrepreneurs. Find more Speaking Startup on our website or wherever you get podcasts.