The largest neobank in the U.S. is Chime, which has grown to ~13 million accounts by offering no-fee banking. Unlike many “traditional” banks, Chime makes no money through exploitative fees. (Instead, Chime makes money primarily through interchange—essentially the amount merchants have to pay Visa and Chime when they accept a credit or debit card.)

Embedded financial products open up entirely new revenue streams to productivity software companies that were previously only accessible by financial institutions. Fintech APIs (like payments from Stripe) allow companies to monetize not with expensive subscriptions but through financial instruments that were previously the purview of banks.