Many startups have taken shots at traditional banking, but few have succeeded in changing the way consumers handle their money. However, there is plenty of promise in this model, according to investor Tim Young.

"On a high level, banking is broken in the brick-and-mortar space," said Young, founding general partner at ENIAC Ventures, a New York and San Francisco-based venture capital firm that has provided seed investments in mobile companies that focus on the Internet of Things, wearables, drones, robots and smartphones.

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