The three leading European digital banks in terms of total funding amount as of February 2024 were Revolut, N26, and Wise, all of them securing 1.7 billion U.S. dollars in funding. Monzo and Starling Bank followed, with a funding of 1.1 billion U.S. dollars, and OakNorth ranked fifth.
How many customers do online only banks have?
As of March 2023, Wise boasted 16 million customers, second only to Revolut, with 35 million customers. Although disruptor banks have seen breakneck growth in users, they still pale in significance compared to some European traditional banks.
Venture capital unicorns
As of October 2023, there were seven European digital banks that had reached unicorn status. Unicorn companies are those in which have had venture capital investment and have exceeded company valuation of over one billion U.S dollars.