Portfolio News

The ‘Neo-Banks’ Are Finally Having Their Moment

SAN FRANCISCO — After the financial crisis 10 years ago, unhappy customers were expected to flee the megabanks for smaller competitors.

It didn’t happen. And the big banks became even more entrenched.

Now another wave of alternative banks are at it again, and they say they’ve learned from the mistakes of the upstart banks that tried — and failed — before them.