Global Neo Bank Market Size, Share, Growth, Opportunity, Analysis and Forecast | Report by 2028
Global Neo Bank Market Size, Share, Growth, Opportunity, Analysis and Forecast | Report by 2028
Global Neo Bank Market Insights
The Global Neo Bank Market was valued at USD 47.39 Billion in 2021, and it is expected to reach a value of USD 927.12 Billion by 2028, at a CAGR of 52.93% over the forecast period (2022 - 2028).
Neobanks provide banking services without the use of physical branches or offices. They assist users in real-time validation of their service offerings via online channels and mobile sites. Furthermore, the increasing global adoption of smartphones and the internet for online banking is expected to fuel demand for neobank platforms. The rising demand for accessibility among banking customers is expected to drive Neo Bank Market growth.
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Global Neo Bank Market Segmental Analysis
The Global Neo Bank Market is segmented based on the Account Type, Service, Application, and Region. Based on the Account Type, the Neo Bank Market is segmented as Business and Savings. Based on Service, the Neo Bank Market is segmented as Mobile Banking, Payments & Money Transfer, Checking/Savings Accounts, Loans, and Others. Based on the Application, the Neo Bank Market is segmented as Enterprises and Personal. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Top Player's Company Profiles
- Atom Bank PLC (UK)
- Fidor Bank AG (Germany)
- Monzo Bank Ltd. (UK)
- Movencorp Inc. (US)
- Mybank (China)
- N26 (Germany)
- Revolut Ltd. (UK)
- Simple Finance Technology Corp. (US)
- Ubank Limited (South Africa)
- Webank, Inc.(China)
Recent Developments
- In May 2022, Open, a Bengaluru-based neo-banking startup, has raised USD 50 million in a Series D funding round led by IIFL, with existing investors Temasek, Tiger Global, and 3one4 Capital also participating.
- In May 2022, Valar Ventures Management, led by Peter Thiel, is spearheading a CAD 185 million investment round for Canada's Neo Financial Technologies Inc., propelling it to a $1 billion valuation as it prepares to expand into mortgages.
- In March 2022, TPG, a private equity firm, led a $300 million Series F investment for the 10-year-old Irvine, California-based startup. Acorns canceled preparations for a public offering via a SPAC merger about two months ago, prompting the campaign.
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Global Neo Bank Key Market Trends
- Low real estate and distribution costs, less complex IT systems, and streamlined operating models drive its cost-efficiency. Investors in venture capital and equity are focusing on Neo Bank Market opportunities and investing in neobanks. To meet the growing demand for the product, numerous health tech companies are forming alliances with fintech firms to develop and launch new products and services.
