In the last few years, neobanks or digital-only banks have emerged as one of the hottest trends in the fintech industry.
These banks provide a wide range of financial services to their customers through their mobile apps or websites, without the need for physical branches.
With their innovative business models, lower costs, and superior user experience, neobanks have become popular among millennials, tech-savvy customers, and small business owners.
According to a recent report by FinTech News, Europe’s top 10 neobanks serve a combined 64 million customers. In this blog post, we will take a closer look at these neobanks and their features.
Revolut
Revolut is a UK-based neobank that offers a range of banking services, including currency exchange, money transfers, and savings accounts. It has more than 16 million customers across Europe and has raised over $900 million in funding.
N26
N26 is a German neobank that provides banking services to customers across Europe and the US. It offers a range of features such as free ATM withdrawals, mobile payments, and overdraft facilities. N26 has over 7 million customers worldwide and has raised over $800 million in funding.
Monzo
Monzo is a UK-based neobank that offers a range of financial services to its customers, including current accounts, savings accounts, and loans. It has over 5 million customers and has raised over $650 million in funding.
Starling Bank
Starling Bank is a UK-based neobank that provides a range of banking services to personal and business customers, including current accounts, savings accounts, and loans. It has over 2 million customers and has raised over $550 million in funding.
Bunq
Bunq is a Dutch neobank that offers a range of banking services, including mobile payments, savings accounts, and travel insurance. It has over 1 million customers and has raised over $200 million in funding.
Atom Bank
Atom Bank is a UK-based neobank that provides savings accounts and mortgages to customers through its mobile app. It has raised over $700 million in funding.
Monese
Monese is a UK-based neobank that offers a range of banking services to customers across Europe, including current accounts, money transfers, and budgeting tools. It has over 2 million customers and has raised over $200 million in funding.
Tandem Bank
Tandem Bank is a UK-based neobank that provides credit cards, savings accounts, and loans to its customers. It has over 800,000 customers and has raised over $100 million in funding.
Zopa
Zopa is a UK-based neobank that provides personal loans and credit cards to its customers. It has over 500,000 customers and has raised over $400 million in funding.
Vivid Money
Vivid Money is a German neobank that offers a range of banking services, including current accounts, savings accounts, and investment products. It has over 500,000 customers and has raised over $100 million in funding.
Wrapping up
These neobanks have disrupted the traditional banking industry and have gained a significant market share in a short span of time.
With their innovative features, superior user experience, and low fees, neobanks are expected to continue their growth trajectory and expand their customer base.
