The banking sector has undergone a profound transformation that has reshaped its very foundations. Who could have imagined a time when individuals could manage their finances entirely through smartphone apps like N26? However, this seemingly strange concept has now become the new normal.
This transformation can be likened to a revolution, and at the forefront of this revolution is the innovative entity known as Neo Bank.
Neo banks have emerged as a disruptive force in the banking ecosystem, customers no longer need to deal with cumbersome paperwork. Instead, you can have financial services at your fingertips.
As a result, the global neobanking market reached a substantial value of USD 66.82 billion in 2022. The projections indicate a remarkable compound annual growth rate (CAGR) of 54.8% from 2023 to 2030.
The onset of the COVID-19 pandemic further fueled this growth, as people increasingly relied on online banking services. Notably, in 2020, Indian neobank startups secured over USD 200 million in funding, exemplifying the sector’s rapid ascent.
If you’re inspired by the remarkable success stories of neobanks like N26, Monzo, or Revolut, then this blog is an invaluable guide for you. Through a comprehensive analysis, we aim to uncover the secrets behind N26’s business model, to help you develop your platform based on these learnings.
So, let’s begin!
