Through the use of technology, several operators around the world have been able to set up mobile banking apps, or neobanks, which do away with all the costly physical space that banks use for their myriad of services.
Instead, these new mobile banking applications are focused on a select few services, like debit, credit and overdrafts, while eschewing some of the more technical and costly services high-street banks have offered for decades.
This works well for the unbanked, which are typically younger and less interested in mortgages, loans and insurance.
Without these cost factors, neobanks have been able to offer services without the usual banking costs. Hardly any have a monthly cost for banking with them, and offer free ATM withdrawals, international payments and other services that often cost at traditional banks.
In countries like Brazil, which have high fees on almost all transactions, the introduction of NuBank has been a game-changer for the millions of unbanked in the country. NuBank has over 40 million users and is currently the most popular neobank in the world.
As the industry has grown, so have the ambitions of several operators. Revolut, established originally as a way to exchange cash in foreign countries for cheap, now offers direct debit, zero commission stock trading and a cryptocurrency exchange.
In this sector profile, we are specifically looking at neobanks. These institutions are not connected to the previous banking infrastructure, and have often been set up to fill the needs of customers who do not use banking services.
Revenues, users and other values will only include neobanks. Read on below to find out more.
Key Mobile Banking Statistics
- Neobanks made $33.5 billion revenue in 2023, with almost a quarter of this being generated from NuBank alone.
- NuBank is by far the most popular neobank in the world, with 93 million users
- The most popular neobank in the US is Cash App, followed by Chime
- Revolut is the highest valued private neobank, with a valuation of $45 billion
Want to learn more about the finance app industry? In our Finance App report, we cover financials, forecasts, usage, downloads, demographics and benchmarking data.
Finance App Report 2024
Top Mobile Banking Apps
| Title 1 | Description | |
|---|---|---|
| https://www.businessofapps.com/data/cash-app-statistics/ | Cash App | One of the first to offer peer-to-peer transactions in the US, now a fully fledged banking service |
| https://www.businessofapps.com/data/venmo-statistics/ | Venmo | Snuck in just before Cash App as the original peer-to-peer service. Now owned by PayPal |
| https://www.businessofapps.com/data/chime-statistics/ | Chime | One of the largest neobanks in the US, with 25 million users |
| https://www.businessofapps.com/data/revolut-statistics/ | Revolut | A European super app which originally marketed itself for cheap overseas transactions |
| https://www.businessofapps.com/data/monzo-statistics/ | Monzo | One of the most popular "challenger banks" in the UK, popular with teenagers and young adults |
| https://www.businessofapps.com/data/starling-bank-statistics/ | Starling Bank | Seen as the more grown up neobank in the UK, Starling Bank morphed into a regular bank very quickly |
| https://www.businessofapps.com/data/nubank-statistics/ | NuBank | The most popular neobank in Latin America, with 90 million users. One of the few banks in the region to offer zero fees for most transactions |
| https://www.businessofapps.com/data/n26-statistics/ | N26 | German neobank with seven million customers across 25 markets. Built for finance management and banking online securely |
| https://current.com/ | Current | Following in the footsteps of Chime, by offering the front-end and partnering with banks for the back-end |
| https://www.varomoney.com/ | Vero Bank | The first neobank to receive a banking license in the US, it has over nine million customers in the country |
Mobile Banking App Revenue
Neobanks global revenue was estimated at $33.5 billion in 2023, an increase of 77.2% on the year prior.
Mobile banking market size 2015 to 2023 ($bn)
Mobile Banking Revenue by App
NuBank generated the most revenue out of all the neobanks, at $8 billion. It has become a banking giant in South America.
Mobile banking revenue by app 2023 ($mm)
Mobile Banking App Users
NuBank also has far more users than the next neobank, at 93 million to Cash App’s 57 million.
Mobile banking users by app worldwide 2023 (mm)
US Mobile Banking App Users
Cash App is the lead mobile banking app in the US, with Chime in a distant second place.
Mobile banking users by app in the United States 2023 (mm)
UK Mobile Banking App Users
Revolut has the most users out of all mobile banking apps in the UK. It outpaced Monzo over the past two years, which was the previous leader.
Mobile banking users by app in the UK 2023 (mm)
Mobile Banking App Valuations
NuBank has the highest market cap out of all neobanks on the stock market, and its market cap is higher than private valuations of Revolut and Chime.
