The business model is to partner with a smaller bank and earn credit card like interchange income on debit card transactions due to the Durbin amendment. No other business model needed if you can get a bunch of consumers using a debit card. This applies to U.S. fintech's offering debit cards anyway. https://tanay.substack.com/p/fintech-and-regulatory-arbitrag...

As a customer, it’s just a matter of trying something modern - which should mean a better digital-first experience, but not always.