‘Neobank’ is for sure among the Top 5 of the barbarian words that constitute the Fintech sector, along with Blockchain, Robo-advisors and others. But what is exactly a NeoBank? Who are the so called Neobanks?
Let’s be honest, the term ‘Neobank’ is confusing and now describes most companies that add a digital offer (light or sophisticated) to basic banking products and services, regardless of the banking licence.
According to BBVA, there are two main groups of NeoBanks:
“There are the companies that have no banking licence and only offer the customer a relationship-side service, either using a traditional bank for processing transactions or in a partnership model. […] Such companies focus the value they can offer on a better user experience […].
On the other hand, the second model involves those who seek to become all-in, one-stop-shop banks from the outset, but without branch-based distribution channels and set up as mobile banks. […] banks of this kind must obtain banking licences, which in most countries is a complex process and financially costly.
To give you a broader overview of what is being developed in the sector, Techfoliance is introducing you its list of the major neo-banks, digital-only banks and/or mobile-only banks in the world:
Since it is the first update of our project “mapping the global neobanks landscape”, we invite you to add more names to complete our existing list in the comments below:
Last update: 19 January 2017
|1||Atom Bank||Here at Atom we're building a bank with none of the baggage of the past. Follow us to keep in touch.||UK|
|2||Banco Original||Banco Original is 100% digital and allows users to open a current account directly online.||Brazil|
|3||Bankaaol||Bankaool is like a traditionnal bank but clients can access their casual banking products and services without going to a branch.||Mexico|
|4||Bank Mobile||BankMobile makes managing your finances affordable, effortless, and financially empowering.||United States|
|5||BuddyBank||Banking has never been so sexy! coming up in 2017.||Italia|
|6||Chime||Saving money is hard. Banking with Chime makes it easy. Automate your savings.||United States|
|7||Civilised Bank||We’re building a new business and retail bank in the UK. Follow us if you like the sound of a civilised bank.||UK|
|8||Compte Nickel||The current account without banks.||France|
|9||DoPay||The easy payroll solution that makes everyone’s life better.||Egypt|
|10||Ffrees||The UK's first UnBank. We're a current account that helps you save up and gives ffreedom from the banks.||UK|
|11||Fidor Bank||Welcome to Fidor Bank. Our aim is to bringing banking closer to you.||Germany|
A credit card built for the 21st century.
|13||GoBank||No overdraft fees, no worries.||United States|
|14||Hello Bank||We are Hello bank! and we encourage you to live out loud!||France|
|15||Holvi||Holvi is banking for Makers and Doers. Not an old fashioned bank but a modern financial service for the new wave of European entrepreneurs.||Finland|
|16||ImaginBank||Welcome to ImaginBank. The first bank where every operation you will make will go through your mobile.||Spain|
|18||Jibuan Bank||Jibuan is the first digital-only bank in Japan.||Japan|
|19||Kakao Bank||Mobile Wallet is the digital bank branch of the Korean company Kakao Talk.||Korea|
|20||Koho||Your financial life; simple, modern, mobile, free. We're what saving and spending should be.||Canada|
|21||Lintel||The best in the class Digital Bank for everyone living, working, visiting or studying in the UK.||UK|
|22||Loot||We're not a bank, we're better.||UK|
|23||Lunar Way||All you need moneywise, really.||Denmark|
|24||mBank||mBank has been a synonym for innovative banking solutions for years.||Poland|
|25||Monese||Open a UK banking account without a UK address or credit history in 120 seconds. Get paid, manage money, shop & send money abroad cheaply.||UK|
|26||Monizo||Monizo is the alternative bank account for freelancers that works out your taxes, tracks your expenses and helps you get paid on time.||UK|
|27||Monzo Bank||Building a bank as smart as your phone. Instant payment notifications, built-in budgeting and fee-free travel.||UK|
|28||Morning||Morning, a pioneer in cobanking, builds a neobank for your daily operations, and is entirely independant.||France|
|29||Moven||A debit account that tracks your money for you, instantly.||United States|
|30||MyBank||MYBank is the online and mobile bank powered by the chinese company Alibaba.||China|
|31||N26||Banking by Design. Run your entire financial life from your phone.||Germany|
|32||Neat||Current account for the Millennial generation.||China|
|33||Nest Bank||Nest is the digital bank for families.||Poland|
|34||NuBank||Nubank is a new generation of bank, 100% digital.||Brazil|
|35||Osper||Osper is reinventing banking for young people aging from 8 to 18 years old.||UK|
|36||Pockit||Pockit believes that access to banking services should be available to everyone.||UK|
|37||Qapital||Qapital is the everyday banking app that helps you save for the things you want in life.||Sweden|
|38||Qonto||Easy business banking. The banking alternative for entrepreneurs and startups.||France|
|39||Rocket Bank||Modern bank for modern people.||Russia|
|40||Secco Bank||A world where your worth is the contents of your character, not the contents of your wallet.||UK|
|41||Simple||The way banking should be.||United States|
|42||Soldo||Soldo is The Family Spending Account.|
Secure financial autonomy for everyone who matters.
|43||Soon||Soon is a mobile-only bank for millennials.||France|
|44||Starling Bank||The account that evolves with you. We're creating an app that'll help you make better decisions with your money so you can experience more of what you love.||UK|
|45||Tandem||We all deserve a better, happier life with money. So we're building a good bank with a ton of people who agree.||UK|
|46||Tangerine Bank||Fluent in Money. Black Belt in Saving. Fee Fighter since '97.||Canada|
|47||Tide||The nimble small business banking service.||UK|
|48||WeBank||WeBank is the online and mobile bank powered by the chinese company Tencent.||China|
Check Pepper neo bank from Israel you can add it to the list
Check also Banco Original, https://www.original.com.br/ from Sao Paulo, Brasil
also albo from Mexico (www.albo.mx) a new mobile neo-bank
Check Banco Neon from Brazil (www.banconeon.com.br)too.
FYI, Nubank is a great Fintech with a credit card service but is not a bank.
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You are also missing UniZest Ltd that has recently launched the Aspire account specifically developed for international students coming to the UK to study – here http://www.unizest.co.uk
Hello Bank! as a neo-bank??? Seriously??? Please check what it exactly is: a “pretty” face on a VERY old bank (or, to put it more crudely, lipstick on a pig).
We appreciate that you took some time to leave a comment and add 2getherbank!
As mentioned at the beginning of the article we highlight neo-banks as well as mobile-only banks. Hello Bank! is part of the latter category.
Let us know if you have any other suggestions,
All the best,
Sorry, but Hello Bank! is so much NOT mobile-only that you are invited to go to a BNPP branch for some operations!
Ok, we stand corrected!
That’s all the beauty of the open project, to get valuable feedbacks from local experts. Thanks Patrice! 😉
Next update will include more details to avoid confusion.
On the other hand, one true neo-bank worth keeping an eye on is 2getherbank : http://www.2getherbank.com
Organizations that were once NeoBanks but are part of a larger regular bank no longer meet your own definition on a NeoBank. I don’t believe Simple, Holvi, and mBank, for example belong in the list.
You are right! And the same applies to Lunar Way or Final but how could we talk about Neobanks or mobile-only banks without mentioning these actors?
Maybe it is worth noting it in our next update 😉
Thank you for your comment!
We see Treezor as a payment solution for e-commerce and crowdfunding platforms but not as a neo-bank or mobile-only bank. Is there any specific reason that made you think that Treezor is a new generation of bank?
Regards from Techfoliance Team
Ferst Digital: Serves steps and SMBs in Canada.
*startups, not steps 🙂
Thanks Patrice for mentionning 2getherbank. We are based in Spain, and yes, we can be a so called “NeoBank”, if that’s the word to describe a full mobile, client first and top user experience fintech company 😉
Hola Jorge el neo bank es operativo ya?
EQ bank Canada, Pepper Israel, B for Bank, OneSavings, Shawbrook, IPAGOO, Oakworth,
Enpara.com is the first digital only banking in Turkey. It has 650K customers.
Please visit http://www.enpara.com for further information.
Enpara.com Digital Marketing Manager
Avuba from Germany receives a worthy mention as well
Rocket Bank in Russia
Check out Stack – http://getstack.co
Hi, please take a lot at Neema http://www.getneema.com/
Digital bank for migrant workers from Israel.
Greetings from Russia!
Please check out TalkBank.io We are the first chatbot-only bank based in Moscow. Read about it at https://techcrunch.com/2016/12/16/talkbank-lets-you-chat-with-your-bank/
Why is Tangerine bank part of this list? I am not sure if just calling branches “cafes” or “pop-up locations” or “kiosks” change the fact that it still has physical branches. It’s neither neo-bank nor mobile bank for that matter…
Also please note Instabank (RU) has been closed in April 2016. As founder reports on media, there was not enough financing to leverage the advantage of “light bank” so it could grow.
The news is in Russian but Google Translate might help) https://vc.ru/n/instabank-close
Hi! Please, add Waleteros from United States. Coming soon!
The mobile banking for EVERYONE!
Waleteros provides US Hispanic Consumers with a unique user experience offering all the financial services they may need. Waleteros helps you manage your money in a more affordable, convenient and safer way.
Chimpchange is Los Angeles based Neo Bank..
It is listed on the Australian Stock Exchange (CCA.ASX).. believe it is the only listed Neo Bank in the world so u get a look through on real growth number via announcements..
Growing >40% MoM..
Check out Pocopay as well: http://www.pocopay.com
[…] влиянием в мире пользуются эти […]
[…] These are only a few cases that demonstrate the confidence traditional and everyday investors have in neo-banks and how crowdfunding is a real option for aspiring digital-banks who seek capital to grow. If you would like to get a broader overview, Techfoliance, the global platform dedicated to FinTech, offers an interesting mapping of the Global Neobank Landscape. […]
solarisBank from Germany: http://www.solarisbank.de/en
Thanks for adding Solaris!
We will add them in our next update 😉
Also add Xinja from Australia
We are also building a real digital (neo) bank (with banking license) at voltbank.com.au
LikeBank is a neobank in messengers and supports Facebook Messenger, Viber and Telegram.
It’s been exactly a year since you guys last updated this article about the global neobank landscape. It’s becoming even more relevant today and it would be really nice to have an updated version. https://insights.invyo.io/europe/fintech-corner/insights/mapping-the-global-neobank-landscape/
Thank you for your note Arnaud, we are expecting to laucnh the updae very soon!