What’s a neobank? It’s where Keanu Reeves is paid his fees for The Matrix films of course! Oh, sorry, no it’s not. Neobanks are digital-only banks that are taking on the traditional financial institutions: Monzo, Revolut, Chime and others have led the charge, and there are now hundreds around the world.
Now there’s one for musicians specifically. It’s called Nerve, and has launched in the US first. The pitch is that artists can use it as their business banking service, including making instant payments to other Nerve users (e.g. collaborators).
It also provides automated tax statements; pulls in their streaming and social data; and has ‘private networking’ features to connect with other musicians.
“The first banking app built specifically to handle the business needs of songwriters, DJs, instrumentalists, rappers, producers, singers, bands, anyone who makes money with music,” as CEO John Waupsh put it.
It’s the latest example of a growing fintech/music crossover, which also includes companies offering advance funding to artists based on their projected future royalties.
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