Nerve, a neobank for musicians, to launch in September

Nerve, a neobank for musicians, aims to serve musicians with FDIC-insured accounts that help the musician separate their personal and financial lives; streaming and follower data; free instant payments to other Nerve users; and a networking feature that allows musicians to collaborate with one another.

Why should we care?
Nerve, which will launch on September 15, is part of a bigger trend among digital banking platforms: neobanks for specific segments of the population. Musicians are a noteworthy category because many are freelancers and also have specific financial needs that could be addressed in a curated financial platform. “Banking communities aren’t defined by rivers and railroads, but by the shared experience and goals of their customers,” says co-founder John Waupsh. “Financial empowerment for musicians means giving them a banking platform that understands their unique needs with the tools to help them better manage their money.” The growth of neobanks for specific populations, according to one industry analysis, is evidence that new entrants aren’t competing on “superior customer experience” but on “specialization or segmentation.” Other recently-launched neobanks catering to specific populations include First Boulevard, Greenwood, Daylight, and Panacea Financial.