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New generation of digital banks target minority markets
- Thursday | 13th May, 2021
It is among a cohort of new digital banks in the United States targeting communities where many people say their needs have not been met by mainstream lenders. “Historically, community banks have focused on cheaper customer acquisition by focusing on an underserved geography,” said Ian Kar, founder and CEO of research firm Fintech Today. The company began by offering financial services to the Nigerian community in Houston, later expanding to Cubans in Miami. CEO Magnus Larsson said many migrants go to physical stores in their communities to access basic financial services. (Reporting by Anna Irrera in London and Maria Caspani in New York; Editing by Pravin Char)Related article: Startup digital banks target small business customers
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