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Tenth and Greenwood will have competition as US “public benefit challenger bank” Paybby is preparing to launch for the Black and Brown communities.

The New York-based neobank has a waitlist at present and is “coming soon” to the iPhone App Store.

Its mission is clear as it wants to “empower the Black and Brown communities to pay less for banking, build wealth and end financial unfairness”.

Paybby reckons more than 25% of US households are unbanked or are underbanked. In addition, it says a “staggering” 86% of all underbanked US households are people of colour.

US challengers Tenth and Greenwood – who both recently popped up – had similar concerns about the state of US banking and equality.

Paybby will provide a variety of services. These include a free checking/current account, financial planning tools, external account linking, spending views, no fee banking, and FDIC insurance through an unnamed partner bank.

Hassan Miah is the founder of Paybby Bank. He is also the founder of R8 Ventures, audio and sensor software firm One Llama Labs, and digital music service UrFilez, among other things.

Fintech Direct has contacted the start-up for more details.

Paybby’s market is understood, but there are many other US challengers.

These include Aspiration, Be Money, Chime, Dave, Douugh, FV Bank, Grasshopper, Green Dot’s GO2Bank, HMBradley, Jiko, Joust, Karat, Kraken, Letter, Monzo, N26, Oxygen, Point, Purple, Revolut, Simba, SoFi, Square, Unifimoney, Upgrade, Varo Money and Zenus.