Digital banks: the key trends

With their savvy interfaces, smart features, and oodles of VC money, digital banks have become the poster-child for fintech.

There are now almost 300 so-called “neobanks” live worldwide, with nearly half concentrated in Europe.

Meanwhile, new players are continuing to join the ranks, particularly in Latin America, Africa and the Middle East. This boom is being fuelled by ongoing investor enthusiasm for the sector, with neobanks raising over $2 bn in venture capital globally this year alone.

Customers are also riding the neobank wave. PitchBook estimates that by 2024, 145m of us will be using these apps across North America and Europe alone.

To help keep track of the global neobank landscape, we have broken down the key data and trends.

For clarity, “neobank” is defined here as apps that i) offer their own retail banking services (i.e. prepaid, debit, credit cards), ii) launched after 2010, and iii) mobile-centric.* This definition does not distinguish between regulatory status, but it’s worth noting that only a handful have official bank licenses.

Here is the story of the world’s neobanks, as told in numbers.

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Πηγή: sifted.eu