https://techcrunch.com/2021/07/01/tiger-global-leads-42m-series-b-in-nigerian-credit-led-neobank-fairmoney/

Neobanks have led the charge as regards venture capital funding for consumer fintech startups. But while they have collectively dominated the fintech space, they don’t operate a monolithic model.

There are five distinct models, and the one adopted by Nubank, the $30 billion behemoth, is the credit-led model. Neobanks operating this model start by offering credit via cards or on an app and subsequently offer bank accounts as a gateway to other services.