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Home Challanger banks Exploring the Disruptive Powerhouses: 5 Neobanks Shaking Up the European Challenger Ecosystem

Exploring the Disruptive Powerhouses: 5 Neobanks Shaking Up the European Challenger Ecosystem

Neobanks are a type of challenger bank that operates solely digitally. These newly established banks are not part of any large conventional banks.

As they do not have any physical branches, they provide their services both via mobile and desktop devices. There can be two types of neobanks: those which possess a banking license and those that do not.

Europe is considered a hotspot of neobanks and challenger banks with the UK leading the race. However, plenty of innovative digital-only banks have emerged in many European countries other than the UK.

Their customer base has grown by more than 15 million, with a projection to reach 85 million by 2023, according to research by AT Kearney.

The most popular neobanks in Europe include Revolut, N26, Chime, and Nubankzo.

Here are 5 emerging other neobanks that you should not miss out on:

Vivid Money is a German neobank that provides mobile banking services with a focus on personal finance management.

It offers accounts with various currency options, cashback rewards, investment options, and expense-tracking features.

The company aims to empower users to take control of their finances and make smarter financial decisions.

Formerly known as TransferWise, Wise is a UK-based neobank that specializes in international money transfers and multi-currency accounts.

It offers low-cost, transparent currency exchange services and borderless banking capabilities to individuals and businesses.

Wise has expanded its services globally and serves customers across Europe and beyond.

Monzo is a UK-based neobank known for its mobile banking app.

The app provides features such as real-time notifications, budgeting tools, and spending insights.

While primarily focused on the UK market, the company has plans to expand further across Europe.

French neobank Qonto targets small and medium-sized enterprises (SMEs).

It offers business banking services, including multi-currency accounts, expense management, and financial tools tailored for businesses.

While primarily focused on the French market, Qonto has expanded its services to other European countries.

Starling Bank is another UK-based challenger bank that offers mobile banking services.

It offers personal and business account features like spending insights, savings goals, and integrations with various financial management apps.

It also obtained a banking license in Ireland as part of its European expansion.

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