Recent years have witnessed a surge in the number of digital bank users, with millions of people choosing app or web-based bank over a traditional high-street financial institution. According to data gathered by AksjeBloggen, the world’s top three online banks reached 38,4 million customers in 2020, a 255% increase in two years.
With more than 20 million users, or 55% of that amount, one of the largest fintech companies in Brazil, Nubank ranked as the leading online bank globally.
Nubank Gains 40 Thousand New Customers Per Day
Digital banks, also known as neobanks or online banks, changed the way people handle and manage money. By offering a line of mobile banking services that can be used completely from smartphones, they gained enormous popularity in the last few years.
As the largest online bank globally, the Brazilian Nubank had 1.3 million customers in 2016, revealed Statista data. In the next two years, this number grew by almost 360% reaching 5.9 million at the end of 2018.
The number of users continued rising in the next twelve months reaching around 10 million in June 2019. Since then, the user base doubled and hit more than 20 million in 2020. The 2019 data showed the number of new customers has been growing by 40 thousand per day and is expected to jump over 30 million by the end of 2020.
The world’s third-largest digital bank, Chime, has also witnessed a remarkable growth in the number of users in the last two years. In 2018, the San Francisco-based startup had one million customers. The increasing popularity of its services led to a surge in the number of customers in the last two years, reaching over 8 million in 2020.
As one of the fastest-growing fintech companies in the bank account business, Chime has seen its revenue explode in 2019, reaching nearly $200 million, a fourfold increase compared to 2018 figures.
Europe’s Largest Online Bank Revolut Hit Over 10 Million Customers in 2020
European online banks have also witnessed incredible growth in the number of customers over the years. In 2018, the largest digital bank in Europe and the second-largest globally, Revolut, announced 1.5 million users. In the next twelve months, this number grew by more than 130% reaching over 3.5 million customers. The bank’s user base continued increasing during the last year, and in February 2020, it jumped over 10 million.
Statistics indicate the number of people utilizing Revolut`s services increased more than six times in the last two years. The upward trend is expected to continue in the following months, with the number jumping over 23 million by the end of this year.