Make better decisions on the digital banking market

Digital banking is growing up. The largest neobanks are turning into full banks in their biggest markets.

We've found a lot of interesting signals. For example, in January 2026, Nubank won conditional approval from the US banking regulator, the OCC, to open a national bank in the United States. And in March 2026, after applying in 2021, Revolut finally got its full UK banking licence. The leaders no longer want to rent a partner bank's licence. They want their own.

In this section, we look at why licences matter so much now, what changes when a neobank can lend from its own deposits, and what it means for younger digital banks that still rely on partner banks.

Many people and small firms still pay too much for a basic account, wait days to open one, or can't get one at all.

We compare six types of digital banks, from consumer neobanks and accounts for small businesses to banks for freelancers, families and newcomers to a country. Then we rank what their customers need most: fast sign-up, low fees, quick access to their pay, and an account that works across borders.

This shows which needs make people move their main account, and which ones only earn a spare card in the drawer.

Card fees, interest on deposits, lending, monthly plans, currency fees on travel spending and software sold to other banks: digital banks earn money in more ways than it seems.

We compare who pays and where the margins come from. Card fees are small on each payment and capped in some regions, like Europe. Deposit income rises and falls with interest rates. Lending pays more but brings credit losses. Paid plans work only if people value the extras. And a bank that sells its own software to other banks turns a cost into revenue.

You'll see which models still make money when rates fall, and which ones depend on customers who never move their salary.

We don't stop at a growth rate. We explain what would make more people and companies bank this way.

The obvious drivers are customers who have never needed a branch, instant payments, and open banking rules that make switching easier. Others reinforce each other. Once a neobank holds someone's salary, it can offer savings and loans. Lending income pays for cheaper accounts, which bring in more customers. And a full licence lets a bank lend from its own deposits instead of a partner's.

Before building or investing, you should know what makes someone move their salary to a digital bank, and what keeps it there.

Chime and Monzo come up first when people talk about neobanks, but they're only a slice of digital banking.

Many of the most interesting players stay off the app-store charts. Some bank truck drivers, nurses or new immigrants. Others serve teenagers and their parents, or give wealthy clients a private banker inside an app. And some sell the core systems and card tools that other digital banks run on.

They're hard to compare because a sign-up count says little. One bank holds people's salaries, another is a spare card used on holiday. Licences also differ by country, so two apps that look alike can carry very different risks.

Below, you'll find the market grids and ecosystem maps we've built to show who serves which customers, who holds a licence, and where newer banks are getting in.

Starling, KakaoBank, Qonto… a few digital banks have turned their customers into a real business.

Starling has been profitable five years in a row and sells its banking software, Engine, to other banks, including Scotiabank's Tangerine in Canada. KakaoBank posted a record profit in South Korea in 2025. Qonto serves more than 600,000 small businesses in Europe and has applied for its own banking licence. They grew in very different ways, and none of these models has been proven in every country.

We'll look at how these banks chose their first customers, became the account those customers use every day, and found income that doesn't depend on rates alone.