Focus on B2B neo-banks

We regularly mention it in these articles, the financial world has gradually seen the appearance of new players: fintechs, neo-banks or even more recently the Big Tech … Open Banking and the DSP2 have opened up financial flows and thus attracted many companies wishing to interfere in financial products. One of their most coveted targets are merchants and professionals, and there are more and more fintechs specializing in B2B offerings.

Source : Mindfintech

The particularities of B2B neo-banks

How to differentiate the services for professionals offered by traditional banks from those offered by neo-banks?

At first glance, these services are indeed quite similar: offer of a pro bank card, opening of an account, deposit of capital… We already find this type of services in the offers of traditional banks. Where the neo-banks differ is in the speed with which they can be subscribed to and in their completely digital aspect.

In the past, a professional had to go to a bank branch and follow the relatively long procedure of the traditional banks. They did not have direct access to their RIB or to other services that are available more quickly with the new banks. With most B2B neo-banks, opening a business account is done remotely and in a very short time.

In just a few minutes, a trader will be able to open an account and have a professional RIB in record time, enabling him to move forward with his projects more quickly. The mobile applications developed by the neo-banks are intuitive and have become a real financial management tool, replacing the need to go to a branch.

B2B neo-banks are increasingly covering services once monopolized by the traditional banking world. Advantageous because of their earlier understanding of digital, they have been able to stay ahead of the banks in certain aspects to capture the attention of merchants in need of change.

Source : Shine

The most influential B2B neo-banks

Thanks to the above-mentioned particularities, some neo-banks have managed to break into the world of financial services, even to the point of competing more and more with the historical power of traditional banks.

Qonto, for example, is one of the neo-banks that has targeted professionals the most. Whether they are self-employed, SMEs, start-ups or very small businesses, Qonto addresses almost all categories of professionals. In addition to the services mentioned in the first part, Qonto has multiplied the more specific services. Their offers include the automation of direct debits and finances, an Mpos as well as new tools to facilitate the administrative management of the client.

With nearly 200,000 companies having subscribed to their services, it is one of the most influential neo-banks among merchants.

Shine is another neo-bank that has specialized its offers for professionals and more particularly for freelancers. In addition to the classic services, Shine offers increased assistance appreciated by freelancers and self-employed in need of information. Everything is designed to simplify their daily lives and leave them time to concentrate on launching and managing their business. Another innovative service for freelancers is the business loan. Shine has indeed set up a loan service with a preferential rate, quickly accessible as is the nature of neo-banking offers.

On the French side, Hello Bank has also caught the attention of many self-employed people. Once again, there are many services designed for self-employed people. The Business Assistant Start tool, for example, offers them the possibility of creating and managing estimates and invoices. It allows the complete management of the users’ accounting, which is often a source of worry and waste of time for already busy traders.

Even if one can sometimes identify differences in the proposals of these neo-banks, the objective of many of them is ultimately to address all types of professionals. Their offers have only grown over the years and are beginning to cover a large part of the needs of all types of companies. Tired of the long and tedious procedures of certain traditional banks, it is clear that many merchants are convinced by these new types of offers. It can no longer be denied: neo-banks are now an integral part of the payment world.