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Digital banks in the UK - statistics & facts

Digital banks, otherwise known as disruptor banks or neobanks, are mobile-first, app-based banks that have no physical location. Because of the much lower overheads associated with running a digital business, online-only banks can often offer much lower fees, higher interest rates, cashback, and rewards to customers than traditional incumbent banks. With the digital banking industry having the potential to offer high returns to investors, and the need for new players to expand quickly and gain customers quick in order to turn a profit, the funding of specific banks has been both aggressive and continuous. The highest-valued unicorn online banks were worth billions of U.S. dollars in 2023, with fundings reaching over a billion U.S. dollars.

Only banking usage

In the United Kingdom, over 85 percent of adults used online banking in 2022. A combination of speed, convenience, ease of use and the continued rise of non-cash payments have meant that mobile banking apps have become household names within a matter of years. Banks, including the London-based Revolut and Berlin-born N26, have seen customer numbers explode over a very short period in Europe, a trend that has been forecast to continue.

Profitability of digital banks

In order to gain as many customers as quickly as possible, some disruptor banks have turned their intentions toward global expansion in recent years. For disruptor banks to truly compete, they have to work toward making a profit. The need to make a profit for mobile-based banks lies in direct correlation with the number of customers they have. Every open bank account has an annual cost of running. Calculated as a contribution margin, the more accounts that are open and active, the more likely banks will make money per account. In 2021, for the first time since 2017, Revolut had a profitable year, and Starling reported their first profitable year in 2022. Monzo Bank, despite the sharp revenue growth, still ended the year with a significant loss.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Apr 4, 2024

Key insights

Online banking penetration in Great Britain
86%
Highest funded app-only bank in Europe
Revolut
Digital bank with the highest market value
Revolut
Get more insights

Editor’s Picks Current statistics on this topic

Number of customers at selected digital banks in Europe in 2023 (in millions)

Fintech (Mobile/online banking)

Number of customers at selected digital banks in Europe 2023

Key figures of Monzo Bank from 2018 to 2023

Fintech (Mobile/online banking)

Key figures of Monzo Bank 2018-2023

Number of Revolut app downloads worldwide as of January 2024, by country

Fintech (Mobile/online banking)

Number of Revolut downloads worldwide 2024, by country

Related topics

Banking industry

5

Large banks

5

Fintech

5

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Market overview

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Revolut

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Starling Bank

5

Starling Bank

Monzo

7

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6

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Monese

6

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