The Business Insider Intelligence report on Global Neobanks, published at the end of last year, revealed increased consumer interest in neobanks is stimulating competition globally, and this has driven them to launch even more exotic products.
With an estimated 39 million users globally, neobanks’ valuations have skyrocketed thanks to their attractive value propositions which include personal finance management features, low rates, and superior user experiences.
Of course, the Neobanks have had to face the challenge of scaling up rapidly, as well as finding a way to become profitable in as short a time as possible. According to Accenture, the average neobank loses $11 per user, although they don’t have expensive branch networks, which does save some cash.
In The Global Neobanks report, Business Insider Intelligence explores how the neobank market has grown rapidly, and what’s in store as the industry pivots from hyper-growth to sustainability. It discusses how 26 neobanks in key global markets are prioritizing scale versus profitability, as well as identifying the best practices to follow and pitfalls to avoid. The report sizes the neobank market by value, number of users, and number of accounts to 2024. It also explores the factors that will propel the neobank market to new heights over the next five years, and the challenge of reaching profitability underpinning this growth.
The companies mentioned in the report include: ABN Amro, Adyen, Ant financial, ANZ, Aspiration, Banco Inter, Bank Leumi, Banco Sabadell, Banco Votorantim, Bnext, bunq, Chime, Commonwealth Bank of Australia, Dave, Finleap, ING, Judo, Klar, Kuda, Mastercard, Monzo, Moven, MYbank, National Australia Bank, Neon, Nubank, N26, OakNorth, Open, Pepper, Penta, Revolut, Raising, Rabobank, Santander, Starling, Standard Chartered, Tandem, TD Bank, TransferWise, Tencent, Uala, Uber, Volt, Varo, WeBank, Westpac, Xinja, 86 400.
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