Home Europe’s Five Largest App-Only Banks Hit 41.5 Million Downloads as of June
Finance News

Europe’s Five Largest App-Only Banks Hit 41.5 Million Downloads as of June

Jastra Kranjec Finanace Writer Author expertise
Fact Checked
Fact Checked
Everything you read on our site is provided by expert writers who have many years of experience in the financial markets and have written for other top financial publications. Every piece of information here is fact-checked. We sometimes use affiliate links in our content, when clicking on those we might receive a commission - at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Disclosure
Disclosure
The investing information provided is for educational purposes only. Trading platforms does not offer advisory services, nor does it recommend or advise investors to buy or sell stocks, securities or other investment vehicles. Some or all of the products displayed on this page are from partners that compensate us. It may influence the products we cover and the location of the product on the page. Nevertheless, our research and analysis is unaffected by our partners.

Over the last few years, millions of people worldwide turned to digital or app-only banks, choosing them over a traditional high-street financial institution. However, after the pandemic struck, digital banks witnessed an influx of new clients, as mobile banking services became even more appealing amid lockdowns.

According to data presented by Trading Platforms, Revolut, N26, Monzo, Monese, and Starling, Europe’s five largest app-only banks hit a total of 41.5 million iOS and Android app downloads as of June.

Revolut hit 19.2M Downloads, more than Other Top Three Banks Combined

The London-based challenger bank Revolut, which has opted for global expansion over a single market approach, is the most popular European app-only bank in terms of downloads. As of June, the banking app hit a total of 19.2 million iOS and Android downloads, more than N26, Monzo, and Monese combined.

The Airnow data also showed Revolut`s total number of downloads jumped by 55% since European countries went into lockdown. As of June 2020, the banking app has been top-rated in the United Kingdom, Ireland, Romania, and Poland, accounting for the biggest share of total downloads.

The Berlin-based challenger bank, N26, hit more than 3 million new downloads since the pandemic struck, with the total number rising to 7.55 million downloads as of June.

As of May 2020, both Monzo and Starling Bank appear to be accelerating in popularity in the United Kingdom, reaching as high as 6.6 thousand downloads per day. Statistics show the Monzo app was downloaded 7.53 million times across Google Play and App Store. Starling follows with a total of 3.6 million downloads as of June.

Revolut and N26 to Hit 28 Million Customers by the end of 2021

Due to multiple downloads and inactive customers, looking at the number of active customers announced by banks could be a more accurate depiction of customer growth. In February 2018, Revolut announced that it had hit 1.5 million customers, which had grown to 10 million by February 2020. The Berlin-based N26 has mirrored the incredible acceleration of new customers joining the online-only banks.

Statista forecasts that, mainly due to entering the US market, Revolut will continue its strong growth in 2021 and hit 19.1 million customers by the end of the year. The Berlin-based N26 is expected to have 8.6 million customers by December, a 1.8 million increase in a year.

Question & Answers (0)

Have a question? Our panel of experts will answer your queries. Post my Question

Leave a Comment

Write a Review

Your email address will not be published. Required fields are marked *

Question & Answers (0)

Have a question? Our panel of experts will answer your queries. Post my Question

Leave a Comment

Write a Review

Your email address will not be published. Required fields are marked *

Jastra Kranjec Finanace Writer

Jastra Kranjec Finanace Writer

Jastra is an editor, writer, and PR specialist with years of experience in news, research, and report writing. Over the years, she has worked in different fields of journalism and public relations, including politics, economy, and financial markets. As well as TradingPlatforms.com, Jastra has written for Inside Business,The Business Mogul, Business Today, Startups Magazine, StockApps.com, and Buyshares.

Jastra graduated from The University of Zagreb with a Master's Degree in Journalism in 2008. Since then, she has used her writing skills to publish a range of educational articles for TradingPlatforms and continues to increase her understanding of the finance and crypto space.