British digital bank Revolut has recorded a 37% increase in downloads of its Android app, new data shows.
This study of Google Play Store counts downloads from January to the start of November 2021.
If we take the same period in 2020, the data has shown that neobanks have generally had a much tougher year.
Monzo has seen app downloads fall by 12%, Metro by 7% and Starling by 3%.
However, Revolut has posted a growth of 38% or 5.23 million more app downloads in 2021.
At this point, Revolut has around 16 million users globally.
N26 has also had a solid year with 15% growth in 2020 in new Android users which translates to 1.32 million new users.
Thomas Kriebernegg, CEO & Co-Founder, App Radar, says; “It is worth remembering that each download for neobanks is most likely a new customer, whereas traditional banks may simply be converting their existing customers to mobile banking. Neobanks should also be buoyed by the fact that downloads have not fallen off a cliff edge from the surges we saw in 2020. This tells us that sizeable customer growth isn’t being generated by the unique conditions created by lockdowns, but rather from a more sustained shift in behaviours.
“With competition in the banking sector so fierce, one of the main differentiators is how these companies market their apps. When scaling into a new country, localisation and app store optimisation can be the difference between success and failure. Revolut is currently playing a blinder in this respect.”
Still, both the digital and traditional bank sectors saw more than 13 million new users between January and November 2021.