According to MarsBit, the explosive growth of neobanks is driven not by profit margins but by their user acquisition funnel. The article introduces the 'fat app' theory, suggesting that future fintech applications will vertically integrate deposits, yield, and distribution channels to become full-stack financial platforms. These neobanks operate on thin unit economics—interchange fees and net interest margins—while capturing user attention and behavior, similar to strategies used by public blockchains like SUI and Monad. The article outlines a flywheel model of customer acquisition, retention, monetization, and trust, and highlights how apps like Revolut and Monzo leverage large user bases to control significant float. It also discusses how neobanks reduce switching costs by centralizing financial activities and expand through cross-selling. The piece further explores capital flows shifting from volatile token speculation to stable yield platforms, CEX-discoverable apps, and privacy-focused payment solutions. Revenue drivers include transaction fees, yield on stable deposits, and credit markets. The article concludes with a list of 20 projects positioned to benefit from the neobank trend.
Why Neobanks Are the Future of Crypto: 'Fat App' Theory Explained and 20 Promising Projects
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