I’m currently living/travelling Australia for the next year and have noticed a lot of differences the way banking works here, one being that Fintech is pretty much non existent compared to the U.K.
I’ve just come across https://www.xinja.com.au/ which seems to be the Australian version of Monzo but a few years behind (it’s a pre-paid card, there’s a wait list, there’s a community), it even states on their website and community that they have taken inspiration from Monzo (e.g. this thread: https://community.xinja.com.au/t/3-5-currency-conversion-fee/63)
Thought I’d share it here for anyone that’s remotely interested as I thought it was interesting that how they are building a brand like Monzo did.
I don’t think that challenger and neobank are necessarily the same thing, though. Metro Bank and TSB can be said to be challengers (challenging the dominance of the big four) but would never be categorised as neobanks (think Monzo, Starling et al).
(I don’t like the words - rather than the concepts - neobank or legacy particularly, but that’s another discussion!)