I built and shut down a €500K neobank for immigrants in Portugal. Here's a post-mortem.

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)

Business:

• Real unit economics: LTV/CAC was 0.53:1 vs projected 3:1

• Customer lifetime: 6 months vs projected 12 months

• Monthly subscription: €8 vs projected €12.5

• Competition with Wise/Revolut

I'm happy to share detailed insights about:

• Technical architecture decisions

• Regulatory compliance implementations

• Real numbers and metrics

• Partnership challenges

• Post-shutdown pivot to B2B

I'll be here for the next few hours answering questions. Ask me anything about the technical or business aspects of this failure.