Hello, thank you for reaching out via Telegram directly and gave us the opportunity to give you more insights, I will re-explain publicly underneath how US neobanks work and why you might have gotten that reply.
No.
Let's dig a bit into this :
Unlike EU, UK and other small country EMIs, access to banking and financial tools is directly made availble through the central bank, taking an example of Zen com ( the latest name I saw on this forum ) is supervised by the central bank of Lithuania.
In the US, a fintech bank relies on a US national bank, The Bancorp Bank is one of the first to sponsor Paypal, Chime and more.
Other banks followed this trend, as an extra stream of income can't be ignored, however dealing with tech companies demanding new features and building on new stakes is impossible for a traditional institution to keep up.
Came the middlemen, technology companies partnering the banks on one side, and providing top API tech, support and features to startups on the other, they plug KYC, AML, Reporting, Taxation and everything in their central "SaaS" and sell it to startups, who can go to market in weeks, some of these vendors are SynapseFi, Rizemoney, Modern Treasury etc.
Long story short, a startup doesn't directly partner with a bank, maybe on a future or larger scale but mostly partner with Banking As a Service Sellers (the middleman) and the banks lease their technology and right to issue accounts, access to ACH and Fedwire networks, with Visa and Mastercard partnerships.
In our specific case, our accounts are issued by Evolve Bank and Trust, we work with them as I described most startups do.
You will probably have the same response if you ask about another startup, lookup "account is provided by Evolve Bank & Trust" and you will find a bunch of apps.
Hi there,
You have not passed a KYC with any other entity unless you start the banking onboarding flow.
We have been sending a batch of emails on daily basis for the last week and a half asking customers who were enrolled to test the service and report bugs, we fix them day and night (hence the reason I have been offline on the forum for a few days).
Please feel free to message me on Telegram or WhatsApp if you have any question on your account.
I look forward to having you try our service.
