Company: myTU
Founders: Raman Korneu, Tomas Navickas
Website: https://mytu.co/
About myTU
Neobank myTU is pioneering the use of cloud-only infrastructure and AI to make essential financial services easier to access, more secure and cost-effective. It’s an approach that precisely matches the needs of underserved markets and clients, including families, freelancers, digital nomads, and businesses often overlooked by larger banks. myTU is growing rapidly and currently counts with more than 30,000 customers representing over 100 nationalities. Headquartered in Vilnius, Lithuania, myTU was founded in 2019 by banking veteran Raman Korneu and technology expert Tomas Navickas. The startup has raised €6 million to date.
myTU initially targeted the travel industry and digital nomads, with the name myTravelUnion reflecting that focus. However, when COVID decimated the travel sector, myTU pivoted successfully for individuals and families with a full-featured mobile banking app supporting accounts, cards, and payments in multiple languages. myTU’s family accounts provide children with their own accounts/cards, coupled with strong parental controls and allowance management features to encourage financial literacy.
For business clients, the focus is on fully digital onboarding, instant SEPA payments, and easy integration with accounting systems. myTU also offers a tailored Business API solution for secure, efficient, and fully automated payments. It allows for integrating payments into clients’ business systems and building completely custom, automated payment workflows. This solution addresses the needs of different payment and financial services providers, i.e., consumer lending providers, e.g., payout delays during peak demand periods, enabling them to offer timely services.
myTU also sees a major opportunity in “Travel Now, Pay Later” or TNPL services allowing travelers to book now and spread the cost over multiple installments. While BNPL giants like Klarna have partnered with some OTAs, myTU sees an untapped opportunity with more traditional tour operators and travel agents. By embedding TNPL into these operators’ booking flows, myTU can help them boost sales among budget-conscious consumers.
Today, myTU has over 30,000 customers from more than 100 different nationalities, with 40% weekly active users. On the business side, myTU onboarded their first 100 SME clients just a month after launching that product. Rather than chasing large, saturated markets, myTU is focused on becoming a leading digital bank in smaller countries often overlooked by incumbent banks and the larger European neobanks.
Technologically, myTU prides itself on efficiency. Impressively, its cost to acquire a customer is less than €10, compared to over €100 for some competitors. This efficiency results from both technical architecture innovation. For example, myTU uses AI to review and summarize customer due diligence materials in seconds rather than having staff spend hours on manual reviews. Moreover, myTU made the forward-thinking decision to build entirely on Google Cloud, making it one of the first digital banks to run fully on the public cloud. Its unique technology stack and strategic approach allow myTU to stay nimble while delivering an exceptional user experience.
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