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Mobile Banking App Revenue and Usage Statistics (2024)

David Curry

Updated: September 11, 2024

Through the use of technology, several operators around the world have been able to set up mobile banking apps, or neobanks, which do away with all the costly physical space that banks use for their myriad of services.

Instead, these new mobile banking applications are focused on a select few services, like debit, credit and overdrafts, while eschewing some of the more technical and costly services high-street banks have offered for decades.

This works well for the unbanked, which are typically younger and less interested in mortgages, loans and insurance.

Without these cost factors, neobanks have been able to offer services without the usual banking costs. Hardly any have a monthly cost for banking with them, and offer free ATM withdrawals, international payments and other services that often cost at traditional banks.

In countries like Brazil, which have high fees on almost all transactions, the introduction of NuBank has been a game-changer for the millions of unbanked in the country. NuBank has over 40 million users and is currently the most popular neobank in the world.

As the industry has grown, so have the ambitions of several operators. Revolut, established originally as a way to exchange cash in foreign countries for cheap, now offers direct debit, zero commission stock trading and a cryptocurrency exchange.

In this sector profile, we are specifically looking at neobanks. These institutions are not connected to the previous banking infrastructure, and have often been set up to fill the needs of customers who do not use banking services.

Revenues, users and other values will only include neobanks. Read on below to find out more.

Key Mobile Banking Statistics

  • Neobanks made $33.5 billion revenue in 2023, with almost a quarter of this being generated from NuBank alone.
  • NuBank is by far the most popular neobank in the world, with 93 million users
  • The most popular neobank in the US is Cash App, followed by Chime
  • Revolut is the highest valued private neobank, with a valuation