Global Fintech Neobanking Market Size | 2019-2032

Global Fintech Neobanking Market Size and Forecast by Services, End Users, Industry, Transaction Types, Revenue Model, and Region: Statistics | 2019-2032

Report Format:     | Pages: 250+
Type: Niche Industry Monitor | ID: FIN44464  | Publication: Oct 2024  |  US$1,790  |  

Global Fintech Neobanking Market Growth and Performance


Key Takeaways:

  • In 2023, the global fintech neobanking market size reached US$ 4.86 Trillion, witnessing a YoY growth of 26.7%.
  • The market is projected to experience a significant upsurge in market revenue, reaching US$ 13.13 Trillion by the end of 2032.
  • In terms of growth, the global fintech neobanking market is anticipated to expand at a CAGR of 11.8% between 2024 and 2032.
  • The deposIT accounts segment is projected to experience a significant upsurge in market revenue, reaching US$ 6.47 Trillion by the end of 2032.
  • The fintech neobanking market is expected to witness an absolute dollar opportunity of US$ 8.28 Trillion between 2024 and 2032.
  • Among the diverse regions within this market, North America fintech neobanking market took the lead, reaching a market value of US$ 1.68 Trillion in 2023.
  • The fastest growing market among regions is Latin America, experiencing a CAGR of 22.2% between 2024 and 2032.
  • While all the leading countries are still important, US ruled as the leading market in the global fintech neobanking industry in 2023.
  • Among the diverse end users, IT and telecom was the largest end-user vertical in terms of spending in the market in 2023.
  • The global fintech neobanking market is mainly driven by integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) for real-time fraud detection and prevention and growth of cross-border e-commerce and payment solutions.
  • Key players in the fintech neobanking sector are strategically focusing on partnerships, market expansion, and targeted investment strategies to enhance their offerings and increase market share. For instance, In May 2024, London-based Fintech Farm announced its expansion into India, backed by a $32 million investment. Specializing in partnering with banks in emerging markets, Fintech Farm offers a "neobank in a box" solution, providing full operational support for digital banking. Their services include debit and credit cards, as well as investment options. This strategic move strengthens their global footprint and aims to transform the digital banking landscape in India.
  • Also, in February 2024, Revenued, a leading fintech specializing in simplifying financial management for small businesses, announced its first neobank partnership with Found, a fintech dedicated to making self-employment easier. This strategic alliance aims to address key challenges faced by small businesses, such as access to capital. It will also enable business owners to establish a separate business account, qualifying them for Revenued’s financial products and enhancing overall financial management capabilities.

Fintech Neobanking Market Scope

Analysis Period

2019-2032

 

Actual Data

2019-2023

 

Base Year

2023

 

Estimated Year

2024

 

CAGR Period

2024-2032

 
 

Research Scope

 

Services

Deposit Accounts

 

Investment and Wealth Management

 

Insurance Services

 

End Users

Individual Consumers

 

SMEs

 

Medium-sized Enterprises

 

Large Enterprises

 

Industry

IT and Telecom

 

Media and Entertainment

 

Energy and Power

 

Transportation and Logistics

 

Healthcare

 

BFSI

 

Retail

 

Manufacturing

 

Public Sector

 

Other

 

Transaction Types

Business-to-Consumer (B2C)

 

Business-to-Business (B2B)

 

Consumer-to-Consumer (C2C)

 

Consumer-to-Business (C2B)

 

Revenue Model

Freemium Model

 

Interest Income

 

Companies

Revolut, Chime, N26, Monzo, Nubank,  Starling Bank, Varo Bank, SoFi, Current, Tinkoff

 
 
 
 
 

 

Fintech Neobanking Industry: Regional Coverage

 

Regional Scope

North America

US

Canada

Mexico

Western Europe

UK

Germany

France

Italy

Spain

Benelux

Nordics

Rest of Western Europe

Eastern Europe

Russia

Poland

Rest of Eastern Europe

Asia Pacific

Japan

Australia

China

South Korea

India

Malaysia

Hong Kong

Indonesia

New Zealand

Singapore

Thailand

Vietnam

Philippines

Taiwan

Rest of Asia Pacific

Latin America

Brazil

Peru

Colombia

Chile

Rest of Latin America

MEA

Israel

South Africa

Saudi Arabia

UAE

Qatar

Kuwait

Oman

Bahrain

Nigeria

Kenya

Turkey

Rest of MEA

 

Sub-Regions

ASEAN

Indonesia

Malaysia

Philippines

Thailand

 

 

 

 

 

Vietnam

 

 

 

 

 

Rest of Asia Pacific

 

 

 

 

BRICS

Brazil

Russia

India

China

South Africa

GCC

Saudi Arabia

UAE

Qatar

Kuwait

Oman

Bahrain

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