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Global Neobanking Market By Account Type, By Application, By Region, Industry Analysis and Forecast, 2020 - 2026

Global Neobanking Market By Account Type, By Application, By Region, Industry Analysis and Forecast, 2020 - 2026

  • January 2021
  • 146 pages
  • ID: 6021896
  • Format: PDF
  • KBV Research


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The Global Neobanking Market size is expected to reach $333.4 billion by 2026, rising at a market growth of 47.1% CAGR during the forecast period. Neobanks provides a broad range of banking solutions with no physical branches or offices. The rising demand for the comfort of customer in the banking industry is anticipated to boost the market growth. Neobanks are customer-centric and provide customized services to customers, which make them different from conventional banks. Neobank platforms help users to validate their service offerings in real-time with the help of mobile sites and online channels.

With the help of these platforms, the need for human interference is eliminated, hence decreasing errors related to the transaction. In addition, neobanking offers numerous advantages like quick servicing, healthy interest rates, and cost-effective banking, which are anticipated to boost the growth of the market during the forecast years. Neobanks have considerable growth potential which is boosted by its low-cost model for end-users with very low or no monthly fees for financial services like deposits, withdrawals, and balance maintenance.

The market potential for neobanks is driven by the rising penetration of internet and the smartphones across the globe. Also, the global market competition is boosted by the increasing customer interest, hence pushing neobanks to introduce various features like sign-up incentives and overdraft protection. Various neobanks work under a freemium model, under which they provide their services for free, hence appealing to a broad customer base. Customers are also extensively accepting neobanking services due to advantages like personal finance management features, such as low-interest rates, and enhanced user experience.

By Account Type

Based on Account Type, the market is segmented into Business Account and Savings Account. The market was dominated by the business account segment in 2019. Several businesses globally are adopting neobanking as the preferred method of payment for bulk payouts. Moreover, neobanking models smoothly incorporate banking into business workflows with developer-friendly banking Application Programming Interface (API) to boost the fast and scalable growth of businesses.

By Application

Based on Application, the market is segmented into Enterprises, Personal and Others. The personal application segment is expected to observe considerable growth over the forecast period. The massive penetration rate of smartphones has facilitated customers to extensively choose neobanking services due to convenience and ease of use. The services are provided utilizing mobile app interfaces, which further assist money transfers and payments with the help of the app. The comfort of opening and operating accounts efficiently is further expected to boost the adoption of neobanking over the forecast years.

By Region

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific is anticipated to emerge as the highest growing market over the forecast period. The increasing adoption of internet services, along with the high utilization of smartphones, is anticipated to push the market growth. In order to accelerate modernization and innovation through competition, regional regulators are slowly creating neobanking systems for wider participation. New entrants are likely to explore avenues to introduce extremely related services in the region with an exceptional level of ease & comfort and low pricing.

The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Banco Bilbao Vizcaya Argentaria SA is the forerunner in the Neobanking Market. Companies such as Atom Bank PLC, Sopra Steria Group SA, and Revolut Ltd., N26 GmbH, and Deutsche Bank AG are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Atom Bank PLC, Monzo Bank Ltd., Moven Enterprises, N26 GmbH, Revolut Ltd., Ubank Limited, WeBank Co., Ltd., Banco Bilbao Vizcaya Argentaria SA (Simple Finance Technology), Deutsche Bank AG, and Sopra Steria Group SA (Fidor Solutions AG).

Recent strategies deployed in Neobanking Market

Partnerships, Collaborations, and Agreements:

Nov-2020: Atom came into partnership with Codat, an API platform connecting small businesses to banks and other financial institutions. Under this partnership, Codat delivers their universal API, which allows Atom to directly join hands with business customer’s accounting platforms that removes the requirement for manual submissions.

Nov-2020: Deutsche Bank announced a collaboration with Daimler Treasury. In this collaboration, Deutsche is executing an electronic banking signature solution together with Daimler Treasury in Singapore with potential use in markets in Asia for the company’s treasury functions.

Oct-2020: Atom bank collaborated with SurePay, an escrow web-mobile app. In this collaboration, SurePay implemented its UK Confirmation of Payee solution for Atom bank, which helps Atom to protect their customers from fraud.

Jun-2020: N26 expanded its partnership agreement with TransferWise, a global technology leader in international payments. The partnership aimed to offer a broad range of options for foreign currency transfers.

Mar-2020: Revolut came into a partnership with Metropolitan Commercial Bank. In this partnership, Revolut launched its financial super app, an innovative digital banking platform trusted and used by more than 10 million people globally, to customers in the US.

May-2019: Atom bank partnered with TruNarrative, a company in the risk & financial crime management space. The partnership aimed to provide an AML transaction, monitoring, and financial crime customer screening and monitoring solution.

Feb-2019: Fidor formed a collaboration with Finn AI, the world’s leading AI-powered conversational banking technology provider. Under this collaboration, Fidor launched its new banking chatbot, designed in collaboration with Finn AI. This launch distinguished Fidor as the first digital banking service provider to fix a virtual assistant within its technology stack.

Acquisition and Mergers:

Mar-2016: Atom took over Grasp, a digital design agency specialized in building user interfaces for the gaming market. The acquisition aimed to bring together user-interface expertise from the banking industry with experience from the video games industry.

Product Launches and Product Expansions:

Dec-2020: Revolut shifted from mobile-only to an online model. It allowed its 13 million customers around the world to reach their accounts from a desktop PC or laptop.

Nov-2020: N26 introduced a subscription-based digital banking suite. This suite helps individuals and businesses to manage their savings and expenses in a better way. The premium subscription solutions, N26 Smart and N26 Business integrated new money management features such as Round-Ups and dedicated phone support.

Sep-2020: Atom Bank introduced Instant Saver, with a highly competitive interest rate of 0.75% AER, which is 75 times more than the high street banks. It is the first product to be launched on the startup’s cloud-native banking platform.

Geographical Expansions:

Nov-2020: Revolut announced the launch of Google Pay for its customers in Bulgaria, Austria, Estonia, Greece, Latvia, Lithuania, Hungary, Portugal, Netherlands, and Romania. Google Pay allows Android users to make fast and simple payments online, in-store, in-app, and more.

Jul-2020: Deutsche Bank launched Blue Bot ’Yi’ to unify customers in China. Blue Bot provides real-time customized transaction reports and cash pooling reports, and for processing direct client enquiries.

Jul-2019: N26 expanding its geographical footprints by launching its banking app in the US. This launch helped N26 to change banking globally and reach more than 50 million customers in the future.

Jun-2019: Revolut announced the launch of Apple Pay support to its customers in 12 additional countries. Apple Pay delivers Revolut customers with easy and secure access to pay in stores, in-app, and online through Apple devices.

Scope of the Study

Market Segments covered in the Report:

By Account Type

• Business Account

• Savings Account

By Application

• Enterprises

• Personal

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific


o Brazil

o Argentina


o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Atom Bank PLC

• Monzo Bank Ltd.

• Moven Enterprises

• N26 GmbH

• Revolut Ltd.

• Ubank Limited

• WeBank Co., Ltd.

• Banco Bilbao Vizcaya Argentaria SA (Simple Finance Technology)

• Deutsche Bank AG

• Sopra Steria Group SA (Fidor Solutions AG)

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