Leading countries worldwide with the highest number of neobanking users 2023

Neobanking has taken the financial world by storm, with the United States leading the charge. In 2023, the U.S. boasted an estimated 52 million neobanking users, narrowly edging out Brazil's 48.94 million. This digital banking revolution has spread globally, with countries like Russia, the United Kingdom, and India also seeing significant user adoption. The stark contrast between the top two countries and the rest of the world highlights the rapid growth and acceptance of neobanking in certain markets.

Pandemic-driven acceleration

The COVID-19 pandemic acted as a catalyst for digital banking adoption. In April 2020, 30 percent of customers worldwide reported increased use of mobile banking apps compared to the previous year. While only 19 percent expected to maintain this higher usage post-pandemic, the trend has clearly shifted towards digital banking solutions. This surge in adoption aligns with the growing number of neobanking users observed across various countries, indicating a lasting change in consumer banking habits.

Leading neobanks and customer base

WeBank, a Chinese neobank, stands out as the leading neobank in terms of users, with an impressive 362 million customers reported at the end of 2022. Other major players include Rakuten with 136.3 million customers and Nubank with 90 million users. In Europe, Revolut was the neobank with the widest customer base, with 35 million customers at the end of 2023. The rapid growth of these digital banks is further evidenced by Revolut's recent milestone of reaching 40 million customers in March 2024, with forecasts predicting this number will grow to nearly 50 million by the end of 2024, highlighting the increasing consumer preference for digital banking solutions.