Global market volume of neobanks 2017-2028

The market volume of neobanks worldwide was estimated at 4.96 trillion U.S. dollars in 2023, marking a notable increase compared to the previous year. According to Statista, the transaction value is expected to show a compound annual growth rate of 13.15 percent between 2024 and 2028, resulting in a projected total value of 10.44 trillion U.S. dollars by 2028.

What is a neobank?

Neobanks, also known as challenger banks or digital banks, are online-only banks without any physical branches that offer their services completely via mobile apps. Some of the largest neobanks increased their market value significantly in recent years, with the most valuable ones reaching a market value of over 20 billion U.S. dollars. These banks provide services such as lending, investments, savings accounts, and credit cards - just like any traditional bank - but completely online. 

Increasing customer base of neobanks

A key indicator of the success of neobanks is their rapidly increasing customer base. Revolut, for instance, reached a massive milestone of 40 million customers in March 2024. In the U.S., the largest neobank in terms of the number of customers is Chime, which had over 21 million customers in 2023.