Behind the Idea: myTU | The Fintech Times

The goal of neobank, myTU, is to create an accessible and fair banking service for those that have historically been excluded. Cloud technologies and artificial intelligence are helping the firm achieve this objective, but how? 

With over 25 years of experience in banking, Raman Korneu has held senior roles across finance, including consulting roles at Ernst & Young and PwC, where he worked on over 100 projects for over 50 major banks and companies. We sit down with Korneu to learn about his latest venture, myTU, and his role as CEO and co-founder.

Tell us more about your company and its offering.

myTU is a neobank that harnesses the power of cloud-only infrastructure and artificial intelligence to transform consumer banking. Our mission is to provide accessible, secure, and cost-effective banking solutions tailored to the unique needs of underserved markets and clients, such as families, freelancers, digital nomads, and businesses often overlooked by larger banks.

We offer a comprehensive suite of products and services, including our ‘Payouts API’. It enables businesses to streamline their financial operations, automate payment processing, and manage loans in real-time. By leveraging advanced technologies and our deep understanding of the banking industry, we deliver innovative solutions that empower our clients to thrive in an increasingly digital world.

What problem was your company set up to solve?

myTU was founded to address the longstanding issues of accessibility, security, and cost-effectiveness in the traditional banking sector. We recognised that many individuals and businesses, particularly those in underserved markets, were being left behind by the slow pace of innovation and the rigid, one-size-fits-all approach of larger banks.

By leveraging the power of cloud-only infrastructure and AI, we set out to create a more inclusive and customer-centric banking experience that caters to the diverse needs of our clients. Our goal is to break down the barriers that prevent people from accessing essential financial services and to provide them with the tools they need to achieve their financial goals, regardless of their background or location.

Since launch, how has your company evolved?

Since our launch in 2019, myTU has undergone a remarkable evolution.

We started as a small, ambitious team with a vision to transform the banking industry, and today, we have grown into an up-and-coming neobank with more than 50,000 customers representing over 100 nationalities. Along the way, we have continuously adapted to the changing needs of our clients and the rapidly evolving fintech landscape.

We have expanded our product offerings, integrated technologies like AI and machine learning into our operations, and built a robust, scalable infrastructure that allows us to serve our clients more efficiently and effectively.

What has been the biggest challenge or most ‘tricky moment’ to overcome?

One of the biggest challenges we faced in our journey was the decision to build our own core banking system from scratch. Initially, we had relied on a third-party banking platform to launch our services quickly. However, we soon realised that this approach limited our ability to innovate and customize our offerings to meet the unique needs of our clients. Making the bold decision to develop our own infrastructure was a daunting task, but it proved to be a game-changer for myTU.

Overcoming this challenge required immense dedication, resourcefulness, and resilience from our team, but it ultimately allowed us to create a highly efficient, secure, and scalable platform that sets us apart in the industry. Looking back, this ‘tricky moment’ was a defining point in our company’s history, and it has paved the way for our continued growth and success.

What are your biggest achievements or ‘proudest moment’ so far?

A significant achievement has been our ability to maintain a lean, agile, and highly efficient operation while serving a rapidly growing customer base. The entire bank runs on less than €1,000 per month in infrastructure costs on Google Cloud. Our team consists of just 25 people, but can handle 1,000,000+ clients. Our success in leveraging AI and automation to drive operational excellence and deliver exceptional value to our clients is a testament to the skill, dedication, and innovative spirit of our team.

How would you describe the culture of your company?

At myTU, our culture is all about embracing the unconventional and challenging the status quo. We’re a diverse bunch of innovators, risk-takers, and problem-solvers who share a common goal: to challenge the banking industry and make a real difference in people’s lives. We believe that the best ideas can come from anywhere, which is why we foster an open, inclusive environment where everyone’s voice is heard and valued.

As a result, our office is a melting pot of backgrounds, experiences, and perspectives, and we wouldn’t have it any other way.

We’re a tight-knit team that thrives on collaboration, trust, and transparency. We’re not afraid to have frank discussions, challenge each other’s ideas, and push ourselves out of our comfort zones. We know that the key to our success lies in our ability to adapt, iterate, and innovate at lightning speed.

At the end of the day, what really drives us is our passion for making a positive impact. Whether we’re helping a small business owner streamline their finances, enabling a family to achieve their dream of homeownership, or empowering a business to reduce transaction costs, we never lose sight of the human element behind everything we do.

What’s in store for the future?

We are committed to empowering our clients with innovative, accessible, and customer-centric financial solutions. In the near term, we are focused on expanding our product offerings to include international transactions, travel loans, and an enhanced loyalty system, further strengthening our position as a comprehensive, one-stop-shop for our clients’ banking needs.

We also see tremendous potential in the embedded finance space, and we aim to become the preferred payment method on a wide range of platforms, from niche service providers to larger e-commerce sites.

As we look further ahead, we are excited to continue leveraging the power of AI, automation, and other emerging technologies to drive operational excellence, improve our services, and unlock new opportunities for growth. Our vision is to become a global leader in digital banking, setting the standard for innovation, security, and customer experience in the fintech industry.