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European digital banks 2020, by funding amount

In early May 2020, the Berlin based mobile bank N26 saw extended series D funding bring the company's total funding to over 780 million U.S dollars, making it the second highest funded online-only bank in Europe at the time. As of February 2020, N26 boasted 5 million customers, second only to the London based firm Revolut. On the 17th of February 2020, Revolut closed their latest funding round of series D funding, raising 500 million U.S dollars and bringing them the title of highest funded digital bank in Europe. Although disruptor banks have seen breakneck growth in users, they still pale in significance compared to some European traditional banks. That being said, disruptor banks are now a major concern when it comes to competing for revenues.

The change in how people bank

Across Europe, individuals are adopting new technologies and methods as to how they access and interact with their chosen banks. Online banking has now become the norm when it comes to opening new accounts.

Venture capital unicorns

As of February 2020, there were four European digital banks that had become unicorns. Unicorn companies are those in which have had venture capital investment and have exceeded company valuation of over one billion U.S dollars.

Total value of funding at select online only banks in Europe as of May 2020

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Release date

May 2020



Survey time period

May 18, 2020

Supplementary notes

* Original figures were in GBP. Exchange rate used was as of date of extraction at 1 GBP= 1.29 USD.
Figures have been rounded.
** Original figures were in EUR. Exchange rate used was as of date of extraction at 1 EUR= 1.1 USD.

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Statistics on "App-only banks in the United Kingdom (UK)"

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