14 WAYS NEOBANKS MAKE MONEY

Summary from the TLDR Crypto newsletter

A breakdown of neobank revenue streams beyond interchange: on/off-ramp spreads, FX markup, yield/treasury products, credit cards, float on customer deposits/stablecoin balances, lending spreads, payment processing, wire/transfer fees, payroll, travel commissions, subscriptions, brokerage/investing, and embedded verticalized software (like AI billing or AR-collection agents). The core thesis is that the more of a customer's financial life a neobank owns, the more monetizable surfaces it creates and the harder the platform becomes to replace.