From traveltech to neobank: Inside the Covid pivot that paid off

myTU founder Raman Korneu explains how he leant into circumstances beyond his control and myTU's plans for the future.

Launching a travel bank right before a global pandemic grounded planes and shuttered borders could have been the unluckiest start in fintech history. But for Raman Korneu, CEO of myTU, what began as a case of rotten timing turned into an opportunity to redefine Europe's digital banking sector.

Originally a travel-centric bank, myTU pivoted to become an AI-driven neobank, focusing on underbanked customers and catering to families and digital nomads alike.

By building a fully proprietary system and sidestepping the pitfalls that sank many “marketing-driven” fintechs, myTU found its stride, proving that the best ideas are often born from bad luck.

Originally launched as "Travel Union" in 2019 with a focus on travel and loyalty banking, myTU’s initial niche was hit hard by pandemic restrictions that halted travel worldwide. "With COVID-19, there was no interest in anything travel-related, making it difficult to gain investor attention,” Korneu explained. The team swiftly pivoted, rebranding as myTU and expanding their offerings to include family-oriented banking, starting with kid-friendly accounts and financial tools for parents.

MyTU’s customer base is largely comprised of underserved demographics that traditional banks tend to overlook. "We’re serving digital nomads, migrants, and other individuals needing flexible, secure financial tools," Korneu notes. Their diverse clientele includes holders of 120 different passports worldwide.

"A lot of neo-banks were ‘marketing projects,’ relying heavily on external tech stacks and licenses," Korneu remarked. MyTU focused on maintaining its own tech stack in order to be flexible and reduce dependencies.

The company remains focused on assuring secure, convenient transaction management to its customers and aims to expand to provide travel now pay later loans in future.

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