None of the deposits are on the technology company's balance sheet because the neobank doesn't actually handle any of the money. They are essentially UIs on top

None of the deposits are on the technology company's balance sheet because the neobank doesn't actually handle any of the money. They are essentially UIs on top of APIs exposed by the bank. If you make a deposit into a neobank, you'll have a routing and account number, but the routing number belongs to the partner bank servicing that account. If you deposit cash or a check or whatever, it goes _directly_ to the partner bank.