Mobile Banking App Revenue and Usage Statistics (2022)

David Curry

Updated: August 31, 2022

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 $6.8 billion revenue in 2021, with a sixth of this being generated from NuBank alone.
  • NuBank is by far the most popular neobank in the world, with 56 million users
  • The most popular neobank in the US is Chime, followed by Dave
  • Revolut is the highest valued private neobank, with a valuation of $33 billion

Top mobile banking apps

Title 1Description
https://www.businessofapps.com/data/chime-statistics/ChimeLargest neobank in the United States, with 12 million active users
https://www.businessofapps.com/data/revolut-statistics/RevolutAims to be a financial super-app with direct debit, money transfer, commission-free stock trading and cryptocurrency exchange
https://www.businessofapps.com/data/monzo-statistics/MonzoOne of the most popular "challenger banks" in the UK, with over four million users. Popular with teenagers and young adults
https://www.businessofapps.com/data/starling-bank-statistics/Starling BankSeen as the more grown up neobank in the UK, Starling Bank has 1.4 million users and has been awarded best bank two years in a row
https://www.businessofapps.com/data/nubank-statistics/NuBankThe most popular neobank in Latin America, with 40 million users. One of the few banks in the region to offer zero fees for most transactions
https://www.businessofapps.com/data/n26-statistics/N26German neobank with seven million customers across 25 markets. Built for finance management and banking online securely
https://current.com/CurrentFollowing in the footsteps of Chime, by offering the front-end and partnering with banks for the back-end. Reached 3 million users in 2021
https://www.varomoney.com/Vero BankThe first neobank to receive a banking license in the US, it added one million new customers in 2020

Mobile banking app revenue

Neobanks global revenue was estimated at $6.8 billion in 2021, an increase of 88% on the previous year, pushed by an expansion of neobanks into new regions.

Mobile banking market size 2015 to 2021 ($bn)

Mobile banking revenue by app

NuBank generated the most revenue out of all the neobanks, at $1.7 billion. Impressive considering Brazil’s lower average income in comparison to competitors in the US and UK.

Mobile banking revenue by app 2021 ($mm)

Mobile banking app users

NuBank also has far more users than the next neobank, at 56 million to Revolut’s 15 million.

Mobile banking users by app worldwide 2021 (mm)

US Mobile Banking App Users

Chime is ahead of other providers in the US, but Dave has grown the most in terms of users added in the past 18 months.

Mobile banking users by app in the United States 2021 (mm)

UK Mobile Banking App Users

Monzo is the most popular neobank in the UK, with over five million users. Revolut is second with 4.2 million users, although it has more in total.

Mobile banking users by app in the United Kingdom 2021 (mm)

Mobile Banking App Valuations

Revolut is the highest valued neobank, although nuBank was ahead of it in valuation before its IPO in 2021.

Mobile banking valuations 2021 ($bn)

By signing up you agree to our privacy policy. You can opt out anytime.