2023 Roundup: From Vision to Victory in the Race of Profitability

Table of Contents

Profitability Unlocked: Licences, Service, and Survival The rise of digital banks has sparked a paradigm shift in how we perceive financial innovation. Where once innovation was synonymous with towering skyscrapers housing corporate headquarters, it now resides in lines of code and algorithms powering mobile applications. It’s like the financial industry traded in its power suits for hoodies and traded floor plans for virtual spaces. Amidst the evolving landscape, digital banks have faced a wild array of challenges. This varied from securing essential licences to outshining traditional banks in the realm of face-to-face service or even having enough money to keep going until they become profitable. Our previous blog explored the tumultuous journey of failures and setbacks experienced by digital banks worldwide, leading to closures, market exits, license application withdrawals, or business pivots. We also penned a detailed blog highlighting digital banks that have cracked the profitability code amidst the chaos and what factors led to their growth. In 2023, fueled by our annual reflections and roundups, we witnessed numerous digital banks proudly announcing the achievement of their profitability milestones. While a few were highlighted in our previous blog, this marks a new chapter for them and others as they forge their journey.  […]

This post is only available to members.

Already a subscriber? Log in to Access

Unlock this blog

Gain exclusive access to this blog alone.

Radar Subscription

Select a membership plan that resonates with your
goals and aspirations.

Not Ready to Subscribe?

Experience a taste of our expert research with a complimentary guest account.

We publish new research regularly. Subscribe to stay updated.
No spam. Only the best in class fintech analysis.

    Related Posts
    Infographic design depicting the timeline of market events shaping Canada's Open Banking landscape.
    Complimentary Research

    Canada Open Banking: Glacial Pace or Strategic Patience? Canada, a nation renowned for its politeness and measured approach, has finally...

    Infographic design of Apple's Pay Later shift, highlighting how it's going from its solo-approach to partner with BNPL players and more to offer flexible payments.
    Complimentary Research

    Apple’s Strategic Shift in BNPL This is a quick look at Apple’s strategic shift from building its own BNPL solution...

    Infographic design depicting the various partnerships between players leveraging open banking for applications in identity and income verification, as well as fraud and risk management.
    Complimentary Research

    From Data Streams to Enriched Data Fountains Remember the early days of plumbing? Water flowed freely, but its quality was...

    Infographic design showcasing the many players driving the diverse open banking use cases in North America across the segments of A2A Payments, Credit Decisioning, Identity and Fraud, as well as Tech Partnerships.
    Complimentary Research

    North America’s Open Sesame: Use Cases Bloom Open banking has garnered significant attention in recent years, and at Whitesight, we’ve...

    Infographic design showcasing the gambling and gaming industry players leveraging open banking via principles of data sharing and payments for responsible gambling.
    Complimentary Research

    High stakes in the gambling sector The online gambling industry is booming, with a projected market size of $107.3B by...

    Infographic design of the various financial players leveraging open banking to transform traditional lending.
    Complimentary Research

    Open Banking-led Transformation of Traditional Lending In 2023, a wave of innovation swept through the lending industry, thanks to several...

    Select currency