Neobanks global market size 2021-2023, with forecast for 2030
The market size of neobanks was estimated at more than 47 billion U.S. dollars in 2021, which grew to 66.8 billion U.S. dollars in 2022. Estimates project the sector's market size to grow at an annual average rate (CAGR) of 53.4 percent until 2030, reaching a value of 2.05 trillion U.S. dollars that year.
What is a neobank?
Neo- and challenger banks are online-only banks without any physical branches, which offer their services completely via mobile apps. The market size of neobanks has increased steadily during the last few years, and many customers chose them due to convenience and ease of use. These banks provide services such as lending, investments and savings accounts, credit cards - just like any traditional bank - but completely online.
Which is the largest neobank?
Founded in 2015 and headquartered in London, Revolut was the most valuable neobank worldwide as of April 2023, followed by U.S.-based Chime. These banks are not only the largest of the neobanks, but are also two of the largest fintech companies worldwide in terms of market capitalization.