Neobanking Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Neobanking Market
In 2023, the size of the worldwide neobanking market was estimated to be USD 98.40 billion. The market is anticipated to expand at a CAGR of 48.6% from 2024 to 2032, from USD 143.29 billion in 2024 to USD 3,406.47 billion by 2032.
The COVID-19 pandemic made neobanks grow faster. They could sign up customers and offer services remotely. More people started using smartphones, driving digital trends. Now, folks prefer digital tools like online payments, investing apps, and digital insurance. This changed how we handle money online and boosted neobanking.
Well, these banks are all about low fees and hassle-free services, making them super appealing. Plus, they offer cool features like easy account setup and slick transaction processes, perfect for micro and small businesses. And with millennials and small biz owners jumping on the neobank bandwagon, along with the rise of new tech and consumer demand, it's no wonder investors are all in on this trend.
Neobanks are getting hip to cryptocurrencies and blockchain tech, so now users can handle their digital dough right in their apps. And as more folks get into cryptos, you can bet more neobanks will jump on board too. It's all about making money management easy-peasy, helping neobanks stay cool and relevant down the road.
Comprehensive Analysis of NeobankingMarket
Segmentation in the neobanking market share is driving the market because it allows companies to target specific customer groups with tailored services and solutions. neobanking market is split into two main categories: account type and services offered. When it comes to account type, there are personal and business accounts. For services, neobanks provide a range of options including savings/checking accounts, payments/transfers, mobile banking, loans/insurance/investments, and more.
Europe is at the front of the neobanking market as it's humming with fintech innovation, embracing disruptive tech, and forming key partnerships with large monetary players. In the UK on my own, the fintech industry is booming, with over 1,six hundred corporations, set to double by 2030.
Key players in the neobanking market are teaming up through collaborations and partnerships, boosting market growth. These alliances enhance sales, reduce costs, and leverage shared resources for mutual benefit.The neobanking market is led by innovative companies like SoFi (U.S.), Chime Capital, LLC (U.S.), Upgrade (U.S.), Revolut Ltd (U.K.), Monzo Bank Limited (U.K.), Varo Bank (U.K.), Starling Bank (U.K.), Atom bank plc (U.K.), N26 AG (Germany), and Nu Pagamentos S.A (Brazil).
In January 2024, Nu Mexico teamed up with Felix Pago to make getting money from the U.S. a breeze. This partnership totally changed the game for sending money across borders, making it way easier to send cash to Mexico.
Segementation Table
Global Neobanking Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 48.6% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Account Type
Personal
Business
By Service
Savings/Checking Accounts
Payments & Money Transfers
Mobile Banking
Loans/Insurance/Investments
Others (Safe Deposit Boxes, Money Management Tools)
By Region
North America (By Account Type, Service, and Country)
- U.S.
- Canada
- Mexico
South America (By Account Type, Service, and Country)
- Brazil
- Argentina
- Rest of South America
Europe (By Account Type, Service, and Country)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
Middle East & Africa (By Account Type, Service, and Country)
- Turkey
- Israel
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
Asia Pacific (By Account Type, Service, and Country)
- China
- Japan
- India
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of Generative AI
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Neobanking Key Players Market Share/Ranking, 2023
- 5. Global Neobanking Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Account Type (USD)
- 5.2.1. Personal
- 5.2.2. Business
- 5.3. By Services (USD)
- 5.3.1. Savings/Checking Accounts
- 5.3.2. Payments & Money Transfers
- 5.3.3. Mobile Banking
- 5.3.4. Loans/Insurance/Investments
- 5.3.5. Others (Safe Deposit Boxes, Money Management Tools, etc.)
- 5.4. By Region (USD)
- 5.4.1. North America
- 5.4.2. South America
- 5.4.3. Europe
- 5.4.4. Middle East & Africa
- 5.4.5. Asia Pacific
- 6. North America Neobanking Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Account Type (USD)
- 6.2.1. Personal
- 6.2.2. Business
- 6.3. By Services (USD)
- 6.3.1. Savings/Checking Accounts
- 6.3.2. Payments & Money Transfers
- 6.3.3. Mobile Banking
- 6.3.4. Loans/Insurance/Investments
- 6.3.5. Others (Safe Deposit Boxes, Money Management Tools, etc.)
- 6.4. By Country (USD)
- 6.4.1. United States
- 6.4.2. Canada
- 6.4.3. Mexico
- 7. South America Neobanking Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Account Type (USD)
- 7.2.1. Personal
- 7.2.2. Business
- 7.3. By Services (USD)
- 7.3.1. Savings/Checking Accounts
- 7.3.2. Payments & Money Transfers
- 7.3.3. Mobile Banking
- 7.3.4. Loans/Insurance/Investments
- 7.3.5. Others (Safe Deposit Boxes, Money Management Tools, etc.)
- 7.4. By Country (USD)
- 7.4.1. Brazil
- 7.4.2. Argentina
- 7.4.3. Rest of South America
- 8. Europe Neobanking Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Account Type (USD)
- 8.2.1. Personal
- 8.2.2. Business
- 8.3. By Services (USD)
- 8.3.1. Savings/Checking Accounts
- 8.3.2. Payments & Money Transfers
- 8.3.3. Mobile Banking
- 8.3.4. Loans/Insurance/Investments
- 8.3.5. Others (Safe Deposit Boxes, Money Management Tools, etc.)
- 8.4. By Country (USD)
- 8.4.1. United Kingdom
- 8.4.2. Germany
- 8.4.3. France
- 8.4.4. Italy
- 8.4.5. Spain
- 8.4.6. Russia
- 8.4.7. Benelux
- 8.4.8. Nordics
- 8.4.9. Rest of Europe
- 9. Middle East & Africa Neobanking Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Account Type (USD)
- 9.2.1. Personal
- 9.2.2. Business
- 9.3. By Services (USD)
- 9.3.1. Savings/Checking Accounts
- 9.3.2. Payments & Money Transfers
- 9.3.3. Mobile Banking
- 9.3.4. Loans/Insurance/Investments
- 9.3.5. Others (Safe Deposit Boxes, Money Management Tools, etc.)
- 9.4. By Country (USD)
- 9.4.1. Turkey
- 9.4.2. Israel
- 9.4.3. GCC
- 9.4.4. North Africa
- 9.4.5. South Africa
- 9.4.6. Rest of MEA
- 10. Asia Pacific Neobanking Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Account Type (USD)
- 10.2.1. Personal
- 10.2.2. Business
- 10.3. By Services (USD)
- 10.3.1. Savings/Checking Accounts
- 10.3.2. Payments & Money Transfers
- 10.3.3. Mobile Banking
- 10.3.4. Loans/Insurance/Investments
- 10.3.5. Others (Safe Deposit Boxes, Money Management Tools, etc.)
- 10.4. By Country (USD)
- 10.4.1. China
- 10.4.2. India
- 10.4.3. Japan
- 10.4.4. South Korea
- 10.4.5. ASEAN
- 10.4.6. Oceania
- 10.4.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Nu Pagamentos S.A
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. SoFi
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Chime Capital, LLC
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Revolut Ltd
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. N26 AG
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Monzo Bank Limited
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Varo Bank
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Starling Bank
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Atom bank plc
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Upgrade
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
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