In recent years, digital banks have rapidly emerged as disruptive players in the financial industry, leveraging technology to provide innovative, customer-centric banking services. The lenders’ growth is partly highlighted by the number of app downloads for leading digital banking service providers.
According to data acquired by Finbold, downloads for selected six European mobile-only bank apps peaked at 26.3 million in 2022 for Android and iOS operating systems. The downloads represent year-over-year (YoY) growth of 54.09% from 2021’s figure of 17.06 million. In 2018, the number of downloads stood at 5.63 million before spiking by over 150% to 14.19 million in 2019.
Among the selected apps, the United Kingdom-based challenger bank Revolut accounted for 17.24 million or a share of about 65% among the six banks. Monzo ranked a distant second with 3.59 million downloads, while N26 emerged third with 1.89 million. Starling Bank with 1.56 million downloads, emerged fourth, while Monese occupied the fifth spot with 1.01 million downloads. Only Bunq failed to surpass the one million mark among the six most popular challenger banks, with 979,782 downloads in 2022.
Some of the factors contributing to this record growth include:
Significant VC and private equity investment 💵
Increased regulatory support 🤝
An enduring change in consumer behaviour accelerated by Covid 🤳
Find out more about the meteoric rise of challenger banks, and read Finbold’s full article below.