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Neobanking Market Share

Report ID: GMI2844
Published Date: Feb 2022
Report Format: PDF

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Neobanking Market Share

Some of the key companies functioning in the market include:

Atom Bank Plc
BBVA S.A
BMTX Inc
Chime Financial Inc
Citigroup Inc
Dave Inc
Deutsche Bank AG
Digibank (DBS Bank Ltd.)
Equitable Bank
HSBC Holdings Plc
Monzo Bank Ltd
N26 GmbH
Neo Financial Technologies Inc
Nubank S.A
OakNorth
Orange Bank
OTP Bank Group
Paytm Payments Bank
Revolut Ltd
SoFi Technologies Inc
Sopra Steria Group
Starling Bank
Tangerine Bank
Tinkoff Bank
Upgrade, Inc.

The neobanking market is analyzed to be highly competitive due to the presence of both multinational companies and fintech start-ups in the space. These market participants are mainly focusing on collaboration with banking institutes to gain revenue share. Prominent leaders operating in the market are placing an ever-growing emphasis on delivering advanced digital banking solutions that can cater to the dynamic requirements, especially during the rise of AI-enabled automation amid the ongoing pandemic.

The market has also witnessed several strategic alliances between key players to launch new products with added functionalities and maintain revenue share & profitability such as the June 2020 collaboration of N26 with TransferWise to co-develop a neobanking infrastructure for rapid provisioning of foreign currency transfer services.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Market size of neobanking was valued over USD 45 billion in 2021 and may record a CAGR of close to 45% through 2028.

The business account segment held more than 65% of the UK market share in 2021, driven by the shift of enterprise clients toward neobanks.

In the U.S., payment & money transfer services segment may account for over USD 45 billion by 2028, pushed by the rising penetration of smartphones and increasing use of neobanking apps.

In Japan, the enterprise application segment is likely to register 50% CAGR through 2028, on account of the robust adoption of the neobanking model for enterprise clients.