Background: I spent 500K building a neobank for immigrants in Portugal in 2021. We went from 13,000 waitlist signups to 5,000 active users, then had to shut down after 6 months. I've written a detailed post-mortem [link], but I'm here to answer specific questions about what went wrong.
Some key points to start discussion:
Technical:
Built on top of a BaaS provider
Full KYC/AML implementation for high-risk customers
Mobile-first architecture
AI-powered document processing system (now repurposed as B2B product)
