Number of customers at European app-only banks in 2020

In February 2018, the London based company Revolut announced that they had hit 1.5 million customers, a figure that had grown to 10 million by February, 2020. The incredible acceleration of new customers joining these online only banks has been mirrored by the Berlin (Germany) based N26 who have seen their customer base more than double between June 2018 and February 2020, and fellow London headquartered Monzo. By analyzing app downloads of Europe's best performing neobanks, Statista has forecast the growth of app-only banks into 2021.

Exponential growth

The speed at which online banks are acquiring new customers is nothing short of incredible. If this continue, N26 and Revolut combined are forecast to have over 20 million customers by December 2020. Despite the huge growth, they still have some way to go to meet the online usage levels of banks including Sberbank and BBVA.

Funding

The founder and CEO of N26 Valentin Stalf announced that the company’s Series D funding it acquired would be used to increase customer numbers to 5 million by the beginning of 2020, a target that they hit as of the 23rd of January 2020. The extended round in funding in July 2019 has meant that the Berlin based disruptor has become the second most funded online bank in Europe. The speed in which, fintech firms and disruptor banks have risen has seen several them reach Unicorn status.