Model Behaviour

Cartoon of the Week: Model Behaviour

Model Behaviour

Model Behaviour – a new cartoon that illustrates how Neobank’s need to evolve their fee-based business models to more service-based revenues.

New entrant banks (e.g. Revolut, Dave) entered the consumer market offering debit cards and current accounts and then expanded into higher-margin exchange fees (e.g. crypto). While this resulted in fast customer acquisition, a fee-based business model is susceptible to competitive pressure and has low margins.

To address this, Neobanks need to move into banking services, which offer a more stable revenue stream and higher corporate valuations. For example, providing subscription-based services that offer a bundle of services, such as EmPower and MoneyLion’s Plus product that brings investing, borrowing, and checking accounts into a single, subscription-based, membership.

Cartoon provided by Ian Foley of


  • My cartoons from represent quirky experiences and observations from living in Silicon Valley for 20+ years.I am a serial technology startup founder, who has successfully built/exited multiple startups in AI and fintech, and now work as a venture operating partner helping startups successfully ride their own waves.

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