Lucy 4-min pitch & promo video
According to Exton Consulting (as of July 2020), there 256 challenger banks worldwide. Entrepreneurs everywhere are seizing the opportunity provided by low-fixed-cost banking-as-a-service tools and loosening of regulatory restrictions to launch digital-only banks. Some are chartered banks, but many (most?) ride on the existing banking/payment rails through partnerships with traditional players.
Having been involved with several efforts back in the dot-com era, I've long been a fan. We need these niche-focused startups to serve as proving grounds for services that make banking/payments/lending better, especially for those not well-served by current players.
Lucy was founded in early 2020 dedicated to one important, and underserved group, women business owners. The Singapore-based startup has a globally diverse founding team and has its sights on multiple markets, starting in Southeast Asia.
Description: Challenger bank for underbanked female entrepreneurs (see pitch above)
Product (see demo video below):
– Bank account with a debit card
– Salary advances
Founded: Jan 2020
Lucy 5-min demo & promo video