Excellent brief analysis by a16z on how the changing interest rate environment (rising interest rates) increases the NIM of not only legacy financial institutions but also neobanks and other fintech companies.

"This year’s rapid rise in global interest rates has been a blessing for fintech companies holding customer cash balances. With the U.S. effective federal funds rate now at 3.8%, banks and fintech companies alike have a newfound revenue stream that can have a significant impact on their business models." (a16z)