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Neo Bank Directory

What is a Neo Bank?

A Neo bank is a bank that does not have any physical branches or locations and provides its services digitally. These banks are not tied to any legacy banking systems, allowing them to provide better customer experiences built with the customer in mind, rather than the organisation.

Neo banks are often classed as 'challenger banks' due the fact that they attempt to change banking norms and eat away at bigger organisation's market share.

Neo banks offer a variety of services, including banking accounts, credit cards, personal finance management, mortgages, business banking and many more.

We've selected some noteable neo banks from each continent for this directory. As new brands are being created every month, we'll be updating this list as our new favourites emerge.

Australia

With open banking set to launch in 2019, the Australian banking market is ripe for disruption via Neo Banks. The 'Baby Bank' license has also opened up the potential for smaller start-ups to get going and contribute to an already strong financial market.

:86 400

:86 400

One of the first overseas digital banks to set up in Australia - opening the door for overseas neo banks into the market.

Up

Up

Backed by Bendigo Bank, experienced 500 - 1000 new users A DAY after they launched in December 2018.

Volt Bank

Volt Bank

The first Australian neo bank to receive a full banking license - the first new full banking license in Australia in 28 years.

Xinja

Xinja

The first crowd-funded neo bank in Australia, they raised $500,000 in capital from everyday Australians in just one day!

Other Players by Industry

United Kingdom

It could be argued that neo banking was born in the UK, thanks to their open banking legislation. The majority of these brands have been around for a few years now, meaning their novelty has worn off - they'll need to starting working hard on acquiring new customers who aren't as technologically savvy or keen to move over to a digital only bank.

Atom bank

Atom bank

The UK's first app-only bank, Atom bank offers savings accounts, mortgages and business loans, all through their mobile app.

Monzo

Monzo

One of the first UK neo-banks, Monzo has experienced constant growth - it's currently averaging 28,000 new accounts a week!

Starling Bank

Starling Bank

One of the neo-bank pioneers, Starling Bank provides personal accounts, business banking and joint accounts all from one mobile app.

Tandem

Tandem

Tandem is designed to take care of your money so that your life can be well spent - it even includes technology that helps you reduce your bills by informing you to switch providers.

Other Banks by Industry:

Africa

Mobile phones have changed the game around how people communicate in Africa, allowing even the most remote villages access to the world. In turn, banking in this continent has started to cater to these mobile natives, with brands providing state of the art banking experiences through mobile banking apps.

Discovery Bank

Discovery Bank

A South African bank that works to guide, motivate and reward customers for becoming financially healthier.

Lidya

Lidya

Revolutionising business banking in Nigeria, Lidya allows small businesses to easily create and manage invoices as well as have access to credit.

PiggyVest

PiggyVest

PiggyVest is the largest online savings and investing platform in Nigeria, holding over ₦1,000,000,000 every month.

Sol Wallet

Sol Wallet

A digital-only South African bank giving customers access to multi-currency accounts that can combine foreign and crypto currency.

Other Banks By Industry:

Asia / Middle East

There are 670 million digital banking consumers today in Asia, which is expected to rise to 1.7 billion by 2020 (Sengupta et al, 2018). Banks are rushing to meet these needs of these customers, with neo banks at the fore front for providing superior banking experiences.

Digibank

Digibank

Powered by the DBS group, the online only Digibank has been awarded the 'Safest Bank in Asia' by Global Finance for ten years in a row.

kakaobank

kakaobank

Based on Korea, kakaobank's vision is to make the interactions between banks and people easier and more frequent.

Neat

Neat

Neat is designed to help Hong Kong startups and SME's set up and get started with their business banking.

Timo

Timo

Vietnam's first digital bank, Timo combines fee-free banking with insurance offerings from Liberty Insurance and stock advice from VinaCapital investments.

Other Banks by Industry:

Europe

While N26 is the most well known European neo bank, many smaller Scandinavian brands have also started to enter the market. With a singular currency across most of the region, the challenge will be for these brands to acquire customers outside of their native country.

bunq

bunq

Marketed as 'The bank of the free' this Dutch app-only neo-bank allows customers to select where their money is invested.

Hufsy

Hufsy

Danish bank Hufsy aims to simplify business banking to suit the expanding community of entrepreneurs and small but fast-moving companies.

N26

N26

One of the first neo-banks, N26 has spread from its native Germany into Europe, the UK and is looking to open in the United States.

Penta

Penta

Penta helps over 5,000 German businesses simplify and maintain control over their banking.

Other Banks by Industry:

North America

In Canada, almost half of all retail bank customers are embracing digital banking channels, but customer satisfaction with these channels remains low. The US has had similar teething problems, despite the increase in new brands in the market.
Neo banks could pick up the slack here and steal customers from larger institutions.

Chime

Chime

One of the fastest growing neo-banks in the US, Chime doesn't make a profit off its customers, it makes a profit WITH its customers.

Koho

Koho

This Canadian neo-bank rewards customers with 0.5% cash back on any purchase, as well as providing spending insights, everyday round ups and instant notifications.

Moven

Moven

Moven's everyday account features advanced spending features, that keep track of spending in different categories and the impact of that spending on your budget.

Simple

Simple

Simple allows customers to set up their recurring expenses and the app will automatically save money for them, eliminating the stress of remembering each bill.

Other Banks by Industry:

South America

Neo banks in South America largely target the unbanked and underbanked consumers, rather than attacking traditional institutions. There is some movement towards the industry opening up further, so expect to see more direct competition with the big banks in the future.

BS2 Banco

BS2 Banco

B2B Banco gives Brazilians with personal and business banking services, all from the one mobile app.

Nequi

Nequi

Avalabile in Columbia and Panama, Nequi gives customers the ability to pay via QR code, save for a goal and even top up their cell phone plan or Xbox Live account.

Next

Next

A Brazilian neo-bank built by millennials, for millennials. Rather than submit paperwork, new customers upload a video to verify their identity.

NuConta

NuConta

Frustrated by Brazil's poor banking system NuConta aims to provide banking services that are simple and clear.