The French fintech Vybe, which was aimed at 13-26 year olds, was placed in compulsory liquidation in mid-July. Its 40,000 users have the option of switching their account to Lydia or Kard.
With increasingly tough competition, the neobank sector is claiming victims. One of the latest is called Vybe, a French fintech that targeted Generation Z (13-26 years old). Born in September 2019, the company was placed in compulsory liquidation in mid-July, reveals The echoes. It had managed to attract 40,000 users, but that was not enough to achieve profitability. The service will be permanently disconnected within two months.
To continue the adventure, the management team was about to complete a funding round, but the main investor finally let it down, causing the neobank to fall. The latter will offer adult customers the option of switching their account to Lydia, while minors are invited to transfer theirs to Kard, another neobank aimed at teenagers. A sign that competition is raging in this segment of activity, the tricolor fintech Pixpay was recently acquired by the British neobank GoHenry.