Neobanks are the consequence of the modern digital age. The primary characteristic of a neobank is that it lacks any physical address/branch and operates digitally. According to the numbers available on Statista, Neo Banks will oversee transactions worth $3,255 in 2022. Last year, the collective transactional value was $2,454. Hence, Neo Banks transactions grew by 32.6% in value on a year-on-year basis.
When we look at the bigger picture, neobanks transactions are set to grow from $234.7 billion in 2017 to $8975 (almost $9 trillion) in 2027. As per the calculations, the value of transactions is set to grow at a CAGR of 44% during the ten years.
GSTechnologies (LON:GST) overall development of the group includes large customer accounts and growing their blockchain payment and financial services business, with blue sky opportunities in new Disruptive Technologies with synergy to their existing business.