Through the use of technology, several operators around the world have been able to set up mobile banking apps, or neobanks, which do away with all the costly physical space that banks use for their myriad of services.
Instead, these new mobile banking applications are focused on a select few services, like debit, credit and overdrafts, while eschewing some of the more technical and costly services high-street banks have offered for decades.
This works well for the unbanked, which are typically younger and less interested in mortgages, loans and insurance.
Without these cost factors, neobanks have been able to offer services without the usual banking costs. There's no monthly cost for banking with them, free ATM withdrawals, international payments and other services that often cost at traditional banks.
In countries like Brazil, which have high fees on almost all transactions, the introduction of NuBank has been a game-changer for the millions of unbanked in the country. NuBank has over 100 million users and is the most popular neobank in the world.
As the industry has grown, so have the ambitions of several operators. Revolut, originally established as a way to exchange cash in foreign countries for cheap, now offers direct debit, zero commission stock trading and a cryptocurrency exchange.
In this sector profile, we are specifically looking at neobanks. These institutions are not connected to the previous banking infrastructure, and have often been set up to fill the needs of customers who do not use banking services.
Revenues, users and other values will only include neobanks. Read on below to find out more.
Key Mobile Banking Statistics
- Neobanks made $39.5 billion revenue in 2024, with over a quarter of this being generated from NuBank alone
- NuBank made $11.5 billion revenue in 2024, Cash App came second with $6.1 billion revenue
- NuBank is by far the most popular neobank in the world, with 114 million users
- The most popular neobank in the US is Venmo, followed by Cash App
- Monzo has the most users in the UK, followed closely by Revolut
- Revolut is the highest valued private neobank, with a valuation of $75 billion
Fintech App Report 2025
Want to learn more about the finance app industry? Our Fintech App report covers financials, usage, installs, demographics and benchmarking data.
- Charts: 118
- Data Points: 1855
- Apps covered: 21
Top Mobile Banking Apps
| Title 1 | Description | |
|---|---|---|
| https://www.businessofapps.com/data/cash-app-statistics/ | Cash App | One of the first to offer peer-to-peer transactions in the US, now a fully fledged banking service |
| https://www.businessofapps.com/data/venmo-statistics/ | Venmo | Snuck in just before Cash App as the original peer-to-peer service. Now owned by PayPal |
| https://www.businessofapps.com/data/chime-statistics/ | Chime | One of the largest neobanks in the US, with 25 million users |
| https://www.businessofapps.com/data/revolut-statistics/ | Revolut | A European super app which originally marketed itself for cheap overseas transactions |
| https://www.businessofapps.com/data/monzo-statistics/ | Monzo | One of the most popular "challenger banks" in the UK, popular with teenagers and young adults |
| https://www.businessofapps.com/data/starling-bank-statistics/ | Starling Bank | Seen as the more grown up neobank in the UK, Starling Bank morphed into a regular bank very quickly |
| https://www.businessofapps.com/data/nubank-statistics/ | NuBank | The most popular neobank in Latin America, with 90 million users. One of the few banks in the region to offer zero fees for most transactions |
| https://www.businessofapps.com/data/n26-statistics/ | N26 | German neobank with seven million customers across 25 markets. Built for finance management and banking online securely |
| https://current.com/ | Current | Following in the footsteps of Chime, by offering the front-end and partnering with banks for the back-end |
| https://www.varomoney.com/ | Vero Bank | The first neobank to receive a banking license in the US, it has over nine million customers in the country |
Finance App Market Landscape
The finance app market can be classified into several distinct subcategories, all of which contribute hundreds of billions of dollars in transaction volume every year. Mobile banking is a key part of the fintech app industry, with many neobanks launched in the past decade. You can download the map as a PDF, which includes a landscape version for presentations.
Mobile Banking App Revenue
Neobanks global revenue was estimated at $39.5 billion in 2024, an increase of 17.9% on the year prior.
