Leading Neobanks: Top 10 Worldwide

Today, neobanks are leading the challenge against long-standing incumbent players with digital offerings that provide a seamless, customer-centric experience. 

Here, we run through the Top 10 neobanks from across the globe, with institutions based in North and South America as well as Europe. 

Dave is a US-based digital bank specialising in short-term lending. With offerings that charge no interest, origination or other fees, Dave is fast becoming a popular neobank of choice for consumers. The Dave app has been downloaded over 10 million times on iOS and over 1 million times on Android devices. And, in 2019, Dave reached unicorn status with over 4 million users. It went public on NASDAQ in 2021. 

UK digital-only bank tailored for smartphones and tablets, Atom Bank, was the first of its kind to secure a full regulatory licence in its native UK. Founded by the Co-founder of Metro Bank Anthony Thomson and the former CEO of First Direct Mark Mullen, Atom Bank has amassed significant funding since its inception. The neobank has been able to diversify its offerings to now include mortgages, savings accounts and secured loans for small businesses. 

Monzo, headquartered in the UK, ranks among the country’s most well-funded neobanks on the market today. Established in 2015, first as a mobile and prepaid card service, Monzo has expanded since to offer current accounts in 2017, following the removal of restrictions on its UK banking licence. Fast-forward to 2023, Monzo boasts a customer base exceeding 7.4 million. The bank has maintained its growth trajectory in the UK and introduced Monzo Flex, a buy-now-pay-later product aimed at assisting consumers in managing expenses.

OakNorth Bank is a UK organisation helping businesses get quick access to finance, supporting them in their scaling efforts while providing savings options. With a recent valuation reaching US$5bn after Indiabulls Housing Finance divested 40% of its stake in OakNorth, the fintech now extends support for funding ranging from £250,000 (US$324,600) to multimillion-pound/dollar sums. 

Even though Upgrade has only been operating for around six years, it has already facilitated over US$25bn in consumer credit to the benefit of families across the US with its consumer credit lines, personal loans, and premier savings and rewards checking accounts. Its flagship product – the Upgrade Card – is becoming one of America’s most newly adopted credit cards. The fintech has received recognition for its work in fostering inclusivity, promoting diversity and supporting women and veterans. 

Established in 2013, N26 is now Germany’s leading neobank. Setting out to simplify money management for millions of Germans, N26 has a strong emphasis on security and customer satisfaction and oversees transactions exceeding US$100bn annually. The company has garnered over 8 million customers across 24 markets, spanning from its hometown of Berlin to vibrant cities such as Barcelona, Madrid, Vienna, Milan, São Paulo and Paris. A full European banking licence holder, N26 leverages technology to maintain its no-branch network, with its app available on Android, iOS and desktop.

US neobank SoFi employs technology to offer financial products aiding customers in saving, investing and safeguarding their finances. At its founding, SoFi operated on an alumni-funded lending model connecting students, graduates and investors. Transitioning to a non-traditional underwriting model, it now also prioritises lending to responsible customers. Today, SoFi extends its services to include cash management checking accounts, as well as investment platforms offering advisor services and brokerage options. The fintech achieved a significant valuation of US$9bn following a merger at the beginning of 2021.

US fintech Chime has made a name for itself as the neobank helping customers to reduce their overdraft fees. The financial services provider has generated US$2.3bn in funding since its founding, attributing its growth to member-centric strategies and collaborations with regional banks to develop customer-focused financial solutions. This approach enables it to thrive in a competitive market, offering cost-effective options for Americans. Recently valued at over US$25.5bn, Chime's key investment backers include Sequoia Capital Global Equities, SoftBank Vision Fund 2, General Atlantic and Tiger Global, among others.

Revolut is the UK's leading neobank today. Established in 2015, it has rapidly expanded in its nearly nine years of operation, boasting over 35 million personal users, 500,000 business users and a workforce of approximately 6,000. With a core mission to streamline financial processes, Revolut provides a range of services including currency exchange, debit cards, virtual cards, Apple Pay, stock trading and crypto, handling up to 250 million transactions monthly. Most recently valued at US$33bn, Revolut’s current aim is to build a global financial super app. It is well underway to achieve this with plans to offer mobile services in its native UK.