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Base Year
Historical Year
Forecast Year
The global neo and challengers bank market size reached a value of around USD 31.78 billion in 2023. The market is estimated to grow at a CAGR of 47.80% between 2024 and 2032, reaching a value of around USD 1,058.90 billion by 2032.
Global Neo and Challengers Bank Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 31.78 |
Market Size 2032 | USD Billion | 1,058.90 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 47.8% |
CAGR 2024-2032 - Market by Region | North America | 55.1% |
CAGR 2024-2032 - Market by Country | USA | 55.4% |
CAGR 2024-2032 - Market by Country | Germany | 52.7% |
CAGR 2024-2032 - Market by Service Type | Loans | 53.5% |
CAGR 2024-2032 - Market by End User | Business | 54.5% |
Market Share by Country 2023 | Japan | 4.4% |
Neo banks are financial institutions that operate exclusively through digital platforms, eliminating the need for physical branches. They operate under a partnered bank license and offer a wide range of financial services, including digital and mobile-centric payment solutions, money transfers, and remittance services, among others. On the other hand, challenger banks are well-established institutions that hold complete banking licenses within the market.
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Based on service type, the market is segmented into loans, recurrent charges, payment and money transfers, and credit cards, among others. On the basis of end user, the market can be bifurcated into business and personal. The major regional markets for neo and challenger banks are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
CAGR 2024-2032 - Market by | Country |
USA | 55.4% |
Germany | 52.7% |
UK | 52.2% |
India | 50.7% |
China | 47.1% |
Canada | XX% |
France | XX% |
Italy | XX% |
Japan | 29.4% |
Australia | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global neo and challenger banks market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
The loan segment is expected to hold a major portion of the neo and challengers bank market share. Neo and challenger banks offer competitive loan and credit products. They also provide streamlined loan application processes, flexible loan terms, and personalised interest rates. Moreover, such banks enable customers to access funds for personal loans, student loans, mortgages, or credit lines, often with more favourable terms compared to traditional banks.
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The personal segment is expected to register significant growth during the forecast period. The growth of the segment can be attributed to intuitive tools and features offered by neo and challenger banks for personal finance management. These include budgeting tools, spending analysis, expense categorisation, and real-time transaction tracking, among others. Such benefits also enable customers to easily monitor their finances, set financial goals, and make informed financial decisions.
Atom Bank Plc is an online-based bank headquartered in the United Kingdom. Founded in 2014, the bank holds licenses from the Prudential Regulation Authority (PRA) and is regulated by both the Financial Conduct Authority (FCA) and the PRA.
Unlike traditional banks, Atom Bank operates exclusively through digital platforms and does not maintain physical branches. Alongside its retail banking offerings, Atom Bank extends its services to businesses as well, providing lending options and cash management solutions.
Monzo Bank Limited, commonly referred to as Monzo, is a digital bank based in the United Kingdom. It was founded in 2015 and operates primarily through its mobile app, although it also offers a web-based interface. Monzo is authorised and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Tandem Bank Limited is a UK-based financial institution established in 2013. It is a digital-only bank that prioritises a mobile-centric banking experience for its customers. It provides a range of banking products and services encompassing current accounts, savings accounts, mortgages, and loans. At the core of Tandem Bank's offerings is its mobile application, empowering users to effortlessly oversee their financial matters while on the move.
Other neo and challengers bank market players include Movencrop, Inc, N26 Bank AG, UBank, Preta S.A.S, and Starling Bank Limited, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Service Type |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market reached an approximate value of USD 31.78 billion.
The market is projected to grow at a CAGR of 47.80% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 1,058.90 billion by 2032.
The market is being driven by technological advancements and the integration of machine learning and artificial intelligence in various financial services.
The key market trends include the implementation of favourable policies aimed at driving the growth of neo and challenger banks and the increasing demand for digital banking services among customers.
The major regional markets for neo and challenger banks are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major service types offered by neo and challenger banks are loans, recurrent charges, payment and money transfers, and credit cards, among others.
The key players in the neo and challengers bank market include Atom Bank Plc, Monzo Bank Limited, Movencrop, Inc, N26 Bank AG, Tandem Bank Limited, UBank, Preta S.A.S, and Starling Bank Limited, among others.
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Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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