The global neobanking market revenue was around US$ 101.6 billion in 2023 and is estimated to reach US$ 3318 billion by 2032, growing at a compound annual growth rate (CAGR) of 47.3% during the forecast period from 2024 to 2032.
Neobanks are financial organizations that provide a variety of banking and financial services online. It does not have any physical infrastructure and only conducts business online. It supplies banking services through the use of fintech. The services neobanks offer are the main services that traditional banks provide, like credit cards, savings and checking accounts, payment and fund transfer services, auto and personal loans, mortgages, investments, and insurance products.
Factors Influencing Market Growth
- Neobanks are now leveraging and integrating generative AI. This is enhancing their customer service and operations and creating more market opportunities, thus expanding the market.
- There is an increasing integration of cryptocurrencies and blockchain technology into neobanking platforms to facilitate faster, more cost-effective, and more secure transactions. This will ultimately increase the market's growth.
- There is rising adoption of neobanking platforms among MSMEs and micro and small businesses, which will boost the global neobanking market growth.
- Security is one of the most significant concerns associated with BPO implementation. Banks' ignorance of the risks associated with sharing private information online, such as account information, may impede market expansion.
Impact of COVID-19
COVID-19 positively impacted the market. Its outbreak created new growth opportunities for the market owing to the rising dependency on online banking services. In the wake of the pandemic, numerous social, political, and economic challenges have emerged globally. These issues had an impact on both investors and financial service providers. Conversely, a large number of SMEs relied on neobanks to meet their working capital requirements during the pandemic, which propelled the market's expansion.
Regional Insights
Asia-Pacific region will grow at the fastest rate during the forecast period. This is because of the increasing use of smartphones in conjunction with the expanding adoption of Internet services. The regional market will also be aided by elements like the proliferation of digital-only banks in various nations, including China, India, and Japan. The region's young population will also contribute to the adoption of neobanks, thus expanding the market.
Leading Competitors
- Atom Bank
- Monzo Bank Limited
- N26
- UBank
- Movencorp Inc.
- WeBank
- PRETA S.A.S.
- Starling Bank
- Revolut Ltd
- Pockit Ltd
- Other Prominent Players
Segmentation Analysis
The global neobanking market segmentation focuses on service type, application, account type, and region.
Segmentation based on Service Type
- Loans
- Others
- Mobile Banking
- Payments and Money Transfer
- Checking/Savings Account
Segmentation based on Application
- Enterprise
- Personal
Segmentation based on Account Type
- Business Account
- Saving Account
Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa