Ron Shelvin, Senior Contributor
As far as I know, Taylor Swift didn’t win any banking or fintech awards this year. Maybe next year she’ll offer a Taylor Swift Debit Card so I can give her a Fintech Snark Tank Banking and Fintech Award.
Speaking of banking and fintech awards, Cornerstone Advisors’ Gonzo Banker blog recently published its annual banking awards, which is perennially the most widely read post on the site.
These awards are a great reflection on what happened in banking and fintech this year.
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Best Neobank of the Year award: Panacea Financial
Who says neobanks—and niche strategies—are dead? In a market where nearly every bank slobbers over rich, established doctors, Panacea is thriving by serving the underserved segment of the market—young physicians right out of residency programs with lots of debt and poor credit history. The fact that this segment will be rich, established doctors in five to 10 years doesn’t seem to matter to banks.
Panacea gets it and has established a neobank that doesn’t rely solely on interchange for revenue. Panacea is profitable, has originated roughly $350 million in loans over the past two years, and nearly doubled its revenue between 2022 and 2023.
