Jump to content

Neobanks in Europe

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by ΨΨΨ (talk | contribs) at 13:38, 17 April 2023 (→Some European neobanks: Added Verse.me). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Neobanks are digital-only banks that offer financial services primarily through mobile and web applications, with little or no reliance on physical branches. These banks have gained prominence in the European financial landscape in 2010s, driven by advancements in technology, changing consumer preferences, and supportive regulatory frameworks. Neobanks provide a range of services, including personal accounts, loans, and payment services, with a focus on user-friendly interfaces, low fees, and innovative features.[1][2] In 2022, European neobank market have generated over 570B transactions.[3]

Growth of Neobanks in Europe

The neobank industry in Europe has experienced rapid growth in recent years, with several new players entering the market and attracting millions of customers. Key factors:

  1. Technology advancements: The widespread adoption of smartphones and high-speed internet has made it easier for consumers to access banking services through digital channels, paving the way for the rise of neobanks.
  2. Changing consumer preferences: As consumers increasingly demand personalized, user-friendly experiences, neobanks have capitalized on this trend by offering innovative financial products and services tailored to the digital age.[4]
  3. Supportive regulatory environment: The European Union's Revised Payment Services Directive (PSD2) has facilitated the entry of non-traditional financial players, such as neobanks, into the market by enabling third-party providers to access customer account data from traditional banks with customer consent. This has allowed neobanks to develop innovative solutions and compete with established banks.[1][5][6]

Some European neobanks

  1. Revolut (United Kingdom): Launched in 2015, Revolut is one of Europe's largest neobanks, offering services such as personal accounts, debit cards, currency exchange, and investment products.[7][8]
  2. N26 (Germany): N26 is a German neobank that has expanded its operations across Europe with plans to advance into the USA.[9][10]
  3. Monzo (United Kingdom): Monzo is a UK-based neobank that offers personal accounts, debit cards, loans, and budgeting tools.[11][12]
  4. Starling Bank (United Kingdom): Starling Bank is a digital-first challenger bank that offers personal and business accounts, loans, and other financial services.[13]
  5. Monese, London-based fintech which secured 35M from HSBC in 2022.[14][15]
  6. Zopa, British financial services company which offers deposit accounts, personal loans and credit cards.[16][17]
  7. bunq (Netherlands): Founded in 2012 and operating in 30 European countries, offering services such as personal accounts, debit cards, currency exchange, and savings, and is expanding in the USA.[18]
  8. Vivid Money is a Germany based daughter of Tinkoff Bank.[19]
  9. DiPocket is a Poland based financial services company.[20]
  10. iCard is a Bulgaria based (financial) services company.[21]
  11. Verse is a Spain based financial services company.[22]

References

  1. ^ a b "Europe's neobanks are outpacing legacy banks in app adoption". fintechmagazine.com. 2023-02-21. Retrieved 2023-04-12.
  2. ^ "Neobanks across Europe fatten up as VCs demand profits". Tech.eu. 2023-03-22. Retrieved 2023-04-12.
  3. ^ "Europe Neobanking Market Size & Share Analysis - Industry Research Report - Growth Trends". www.mordorintelligence.com. Retrieved 2023-04-12.
  4. ^ "What Is A Neobank? – Forbes Advisor". www.forbes.com. Retrieved 2023-04-12.
  5. ^ "Open banking in Europe: The impact of the Revised Payments Services Directive on Solarisbank and Insha" (PDF).
  6. ^ Padmanabhan, Arun (2021-10-07). "Explained: Neobanks, the next evolution of banking". The Economic Times. ISSN 0013-0389. Retrieved 2023-04-12.
  7. ^ Makortoff, Kalyeena; correspondent, Kalyeena Makortoff Banking (2023-01-16). "Fintech firm Revolut assembles behavioural team after criticism of its corporate culture". The Guardian. ISSN 0261-3077. Retrieved 2023-04-12. {{cite news}}: |last2= has generic name (help)
  8. ^ "Revolut becomes most valuable UK start-up after £24bn valuation". BBC News. 2021-07-15. Retrieved 2023-04-12.
  9. ^ Nonninger, Lea. "German neobank N26 gets closer to US expansion". Business Insider. Retrieved 2023-04-12.
  10. ^ "N26 review: a challenger bank lacking key features". Wired UK. ISSN 1357-0978. Retrieved 2023-04-12.
  11. ^ Dawson, Freddie. "App Bank Mondo Crowdfunds £1M In 96 Seconds". Forbes. Retrieved 2023-04-12.
  12. ^ O'Hear, Steve (2017-04-05). "Monzo, a UK digital-only challenger bank, granted full banking license". TechCrunch. Retrieved 2023-04-12.
  13. ^ "Starling 'Best British Bank' four years running". Starling Bank. Retrieved 2023-04-12.
  14. ^ Sawers, Paul (2022-09-20). "European neobank Monese nabs $35M from HSBC". TechCrunch. Retrieved 2023-04-12.
  15. ^ O'Hear, Steve (2015-09-21). "Monese Launches In U.K. To Let Immigrants And Expats Get A Mobile Banking Account". TechCrunch. Retrieved 2023-04-12.
  16. ^ Akst, Daniel (2006-02-05). "Where Lender Meets Borrower, Directly". The New York Times. ISSN 0362-4331. Retrieved 2023-04-12.
  17. ^ Scott, Mark (2014-06-09). "A Lift for One of London's Financial Tech Start-Ups". DealBook. Retrieved 2023-04-12.
  18. ^ "We're coming to the US | bunq". www.bunq.com. Retrieved 2023-04-17.
  19. ^ "Vivid Invest and Mobile Banking App - Let Your Money Grow | Vivid Europe". vivid.money. Retrieved 2023-04-17.
  20. ^ "Home". DiPocket. Retrieved 2023-04-17.
  21. ^ "iCard Digital Wallet". iCard Digital Wallet.{{cite web}}: CS1 maint: url-status (link)
  22. ^ Brewster, Thomas (October 12, 2022). "Jack Dorsey's European Cash App Business Has Been Ordered To Fix Money Laundering Problems". Forbes.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Neobanks_in_Europe&oldid=1150322763"