I don't think every app becomes a vertical neobank. I think apps that already have a moneymoving financial relationship with some niche, have a real opportunity to serve that niche very well. Specifically - if you're a material source of income for some niche, or if you're a source of growth for some niche, then you have a real shot at the vertical neobank strategy.
I'm wondering if that holds for Instagram as a vertical neobank. But I like your current statement "I think apps that already have a moneymoving financial relationship with some niche, have a real opportunity to serve that niche very well." .
So then do you think Instagram will be a successful fintech ? And I'm wondering why Intuit could not become a neobank without acquiring CreditKarma?
For Instagram; they have creators (who create content, make filters etc) who already get paid by Instagram when that content is sold. No idea how large that business is, but it's a case where instagram is impacting the moneyflow. They would definitely not be a vertical neobank for consumers. Way too broad.
For Spotify - they are in the money flow for artists. The vertical neobank would be for those artists getting paid.