Several indicators highlight the rapid growth and global expansion of neobanks.
Some of the most widely recognized neobanks worldwide include Chime in the United States, Nubank in Brazil, SoFi in the United States, Monzo and Revolut in the United Kingdom, N26 in Germany, Klarna in Sweden, Dave in the United States, and Tinkoff in Russia.
| Neobank | Founded | 2018 Customers | 2019 Customers | Growth |
| Revolut | 2016 | 3,000,000 | 8,000,000 | 167% |
| N26 | 2013 | 2,000,000 | 3,500,000 | 75% |
| Monzo | 2015 | 2,000,000 | 3,000,000 | 50% |
| Monese | 2013 | 700,000 | 1,400,000 | 100% |
| Yolt | 2017 | 500,000 | 900,000 | 80% |
| Tandem | 2015 | 500,000 | 500,000 | 0% |
| Pockit | 2014 | 4,000,000 | 500,000 | 25% |
| Starling | 2014 | 4,000,000 | 800,000 | 100% |
| Tide | 2015 | 56,000 | 85,000 | 58% |
In the United Kingdom, 34 percent of individuals use only one bank, 35 percent use two banks, and 18 percent use three banks. Consumers who already maintain relationships with multiple banks are highly likely to include neobanks in their portfolio. As trust and brand recognition increase over time, neobanks are expected to attract a growing share of customers from traditional financial institutions.
Legal frameworks, regulatory environments, digital payment infrastructure, and banking culture differ significantly across countries. Thanks to technological innovation, financial services are becoming more accessible to individuals and small businesses that were previously underserved by the traditional banking system. In particular, technological applications in some developing countries offer promising signals for the future of digital finance. India’s Aadhaar digital identity system and Kenya’s M Pesa digital payment platform are strong examples of scalable financial inclusion models.
There was a period when technological innovation in retail banking gained remarkable momentum in Türkiye. Banking professionals from several countries often cited Turkish digital banking applications as successful examples.
In this context, it is worth sharing an anecdote from Selim Seval, Chairman of the Board of Octet Türkiye. He once hosted two senior executives from a leading international credit rating agency in Istanbul. One of the executives asked whether he could withdraw Turkish lira from an ATM using a credit card issued by a United States bank. Although unsure, the response was confident. The executive inserted his card, the ATM interface immediately switched to English, and within moments he completed the withdrawal successfully. Turning back with visible surprise, he remarked that he had not been able to perform the same transaction in Tokyo the previous week. It was a moment that reflected the strength of Türkiye’s digital banking infrastructure at the time.
While several Turkish banks still offer strong mobile banking applications and digital banking products, the early momentum slowed as global markets caught up. Historically, major technological breakthroughs often accelerate during periods of crisis. The digital financial solutions developed in response to economic volatility in the past are now widely adopted across other countries.
A critical step for the future of digital banking in Türkiye has been regulatory reform. According to the announced Economic Reform Action Plan, the Banking Regulation and Supervision Agency was scheduled to begin digital banking licensing by the end of 2021, while the Central Bank of the Republic of Türkiye was expected to complete the economic, technological, and legal infrastructure for a digital currency within the same timeframe. Regulatory clarity is a decisive factor for strengthening the fintech ecosystem and encouraging digital only banking models.
Considering the rapid progress of neobanks globally, early regulatory action provides a significant competitive advantage. With the right framework, Türkiye has the potential to regain leadership in financial technologies through its experience, creativity, and strong digital infrastructure.
The expansion of digital only banks in Türkiye would not only revitalize innovation in retail banking but also accelerate digital transformation in corporate banking. At Octet, our objective is to deliver commercial banking solutions that can serve as benchmarks for neobanks through advanced digital products and integrated financial services.
Author: Ömer Yönder – Chief Strategy Officer
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