From Traveltech to Neobank: How a Bold Covid Pivot Paid Off

Author:

myTU Founder Raman Korneu on Adapting to Uncertainty and Plans for the Future.Raman Korneu, the founder of myTU, reflects on how leaning into circumstances beyond his control became a pivotal part of his journey. Rather than resisting unexpected challenges, he embraced them as opportunities to innovate and adapt, shaping myTU’s vision and growth trajectory.Looking ahead, myTU is focused on expanding its offerings, enhancing user experience, and leveraging new technologies to better serve its community.

With a forward-thinking approach, Korneu is determined to ensure myTU remains a leader in its space, building on its success and staying resilient in the face of uncertainty.Launching a travel bank just before a global pandemic grounded planes and shuttered borders could easily have been the unluckiest start in fintech history.But for Raman Korneu, CEO of myTU, what began as a case of rotten timing became a transformative opportunity to redefine Europe’s digital banking sector.

Initially designed as a travel-centric bank, myTU’s focus was heavily reliant on global mobility and tourism. When COVID-19 hit, it quickly became apparent that the original model was no longer viable. Rather than viewing this as a setback, Korneu and his team saw it as a chance to pivot and evolve. The result was a shift from being a niche travel bank to an AI-driven neobank that serves underbanked populations, while also catering to families and digital nomads.The pivot was rooted in addressing a broader range of financial needs.

By integrating AI and machine learning, myTU introduced innovative solutions that simplify banking for its users. These include personalized financial insights, seamless cross-border transactions, and budgeting tools designed for individuals with unconventional financial lifestyles.Korneu emphasizes the importance of inclusivity in the company’s new direction. “We realized that millions of people across Europe, particularly families and digital nomads, lacked access to tailored banking solutions. Our mission is to bridge that gap,” he explains.

Since the pivot, myTU has gained traction among customers looking for flexible, tech-driven financial solutions. By blending cutting-edge AI technology with a customer-centric approach, myTU has positioned itself as a leader in the neobank space, reshaping digital banking while staying resilient in a rapidly changing world.By building a fully proprietary system and avoiding the pitfalls that sank many “marketing-driven” fintechs, myTU found its stride, proving that the best ideas often emerge from bad luck.

Originally launched as “Travel Union” in 2019, the platform initially focused on travel and loyalty banking. However, the onset of the COVID-19 pandemic brought global travel to a standstill, effectively erasing the demand for its core offerings. “With COVID-19, there was no interest in anything travel-related, making it difficult to gain investor attention,” explained Raman Korneu, myTU’s CEO.Faced with these challenges, the team acted swiftly. They rebranded as myTU and expanded their scope to become a family-oriented neobank.

This new direction started with the introduction of kid-friendly accounts and financial tools designed to help parents teach their children about money management.The pivot not only saved the company but also positioned it to meet the growing demand for inclusive, tech-driven banking solutions. By focusing on families and leveraging proprietary technology to deliver unique features, myTU demonstrated resilience and innovation in the face of adversity, solidifying its place in the fintech landscape.myTU’s customer base is predominantly composed of underserved demographics that traditional banks often overlook.

“We’re serving digital nomads, migrants, and other individuals needing flexible, secure financial tools,” explains Raman Korneu, CEO of myTU. The platform’s diverse clientele spans holders of 120 different passports worldwide, reflecting its inclusive approach to digital banking.Unlike many neo-banks that Korneu describes as “marketing projects” relying heavily on external tech stacks and third-party licenses, myTU has prioritized maintaining its own proprietary technology stack.“By owning our tech, we’ve gained the flexibility to adapt and innovate without relying on external dependencies,” Korneu notes.

This strategic focus on autonomy has enabled myTU to offer tailored services that emphasize secure, seamless transaction management. Looking ahead, the company aims to expand its offerings, including plans to introduce “Travel Now, Pay Later” loans, further enhancing its appeal to frequent travelers and financial nomads.With a commitment to serving overlooked communities and a forward-thinking approach to technology, myTU continues to redefine digital banking while staying true to its mission of inclusivity and innovation.