UK: number of neobanking users 2023

The number of neobanking users in the UK increased significantly between 2018 and 2023, reaching 19 million in 2023. According to Statista Market Insights, the user base of the neobanking industry in the UK will expand even further in the following years, reaching 28 million in 2028.

Number of neobanking users in the United Kingdom (UK) from 2018 to 2023, with forecasts from 2024 to 2028 (in millions)

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Supplementary notes

Data provided by Statista Market Insights are estimates.

Definition:

A neobank is a type of challenger bank that operates solely digitally. Neobanks are newly established banks that do not belong to large conventional banks. They do not have any physical branches and can provide their services both via mobile or desktop devices. They require their clients to go through a digital onboarding process, most frequently via smartphone. Neobanks can be of two types: those which have a banking license and those that do not.

Additional Information:

The most popular neobanks include Revolut, Chime, Nubank, N26, and Monzo.

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