UK neobanks have achieved a milestone by surpassing traditional banks in app downloads, reaching 71.78M Android users.
Revolut leads the neobank pack with 15.6M downloads in 2024.
UK neobanks
have surpassed traditional banks in mobile app downloads for the first time,
with digital challengers reaching 71.78 million Android users compared to
legacy banks' 71.58 million, according to new data from SplitMetrics.
The digital
banking surge has been particularly pronounced in 2024, with neobanks adding
18.6 million users compared to traditional banks' 7.5 million.
UK Neobanks Surpass Legacy
Rivals for First Time
Revolut has
emerged as the clear leader among digital challengers, accumulating 15.6
million downloads in 2024. Monzo followed with 1.8 million downloads, while
Starling Bank secured 463,000 new users. Traditional banks showed more modest
growth, with Lloyds leading at 1.2 million new downloads, followed by Barclays
with 1.1 million.
Thomas Kriebernegg, General Manager at SplitMetrics
“Fintech
is no longer a challenger but a dominant force in the industry,” said
Thomas Kriebernegg, General Manager at SplitMetrics. “Will this growth
continue into 2025 and beyond? Time will tell, but the work is not over for
fintech apps—the hard work of retaining those hard-earned new users begins
now.”
Revolut
also has ambitious plans for 2025, including
smart ATMs, AI-powered banking, and mortgages, positioning itself ahead of
more traditional competitors in terms of product offerings.
The broader
fintech
sector has also demonstrated visible growth. Trading apps reached a new
milestone with 11 million new Android users globally in 2024, surpassing the
previous record set in 2022. Trade Republic led the trading segment with 2.2
million new users, followed by eToro with 2 million.
In the
money management category, UK-based apps attracted 1.1 million new Android
users, with Plum and Moneybox leading the pack. The cryptocurrency sector
showed resilience, recording 5.6 million Android downloads, with Luno and Nexo
emerging as the top performers among European crypto apps.
Neobanks Gain Attention
The data
suggests a current transformation in how UK consumers interact with financial
services, as digital-first solutions continue to gain mainstream acceptance.
This shift poses both challenges and opportunities for traditional banks as
they compete with more agile, technology-driven competitors in an increasingly
digital banking landscape.
Hannah Dobson, Partner and UK Head of Fintech at KPMG UK, Source: KPMG
“We are
expecting to see growing investment interest in AI and its use in the fintech
and regtech space,” said Hannah Dobson, Partner and UK Head of Fintech at KPMG UK. “Regulation remains a key focus in the EU, particularly with crypto and
digital asset businesses as they navigate the new EU’s Markets in Crypto Assets
regulation.”
The data
shows UK consumers are rapidly adopting digital banking services, with
traditional banks now facing increased competition from technology-focused
challengers. Legacy institutions must adapt to changing customer preferences in
an increasingly digital market.
UK neobanks
have surpassed traditional banks in mobile app downloads for the first time,
with digital challengers reaching 71.78 million Android users compared to
legacy banks' 71.58 million, according to new data from SplitMetrics.
The digital
banking surge has been particularly pronounced in 2024, with neobanks adding
18.6 million users compared to traditional banks' 7.5 million.
UK Neobanks Surpass Legacy
Rivals for First Time
Revolut has
emerged as the clear leader among digital challengers, accumulating 15.6
million downloads in 2024. Monzo followed with 1.8 million downloads, while
Starling Bank secured 463,000 new users. Traditional banks showed more modest
growth, with Lloyds leading at 1.2 million new downloads, followed by Barclays
with 1.1 million.
Thomas Kriebernegg, General Manager at SplitMetrics
“Fintech
is no longer a challenger but a dominant force in the industry,” said
Thomas Kriebernegg, General Manager at SplitMetrics. “Will this growth
continue into 2025 and beyond? Time will tell, but the work is not over for
fintech apps—the hard work of retaining those hard-earned new users begins
now.”
Revolut
also has ambitious plans for 2025, including
smart ATMs, AI-powered banking, and mortgages, positioning itself ahead of
more traditional competitors in terms of product offerings.
The broader
fintech
sector has also demonstrated visible growth. Trading apps reached a new
milestone with 11 million new Android users globally in 2024, surpassing the
previous record set in 2022. Trade Republic led the trading segment with 2.2
million new users, followed by eToro with 2 million.
In the
money management category, UK-based apps attracted 1.1 million new Android
users, with Plum and Moneybox leading the pack. The cryptocurrency sector
showed resilience, recording 5.6 million Android downloads, with Luno and Nexo
emerging as the top performers among European crypto apps.
Neobanks Gain Attention
The data
suggests a current transformation in how UK consumers interact with financial
services, as digital-first solutions continue to gain mainstream acceptance.
This shift poses both challenges and opportunities for traditional banks as
they compete with more agile, technology-driven competitors in an increasingly
digital banking landscape.
Hannah Dobson, Partner and UK Head of Fintech at KPMG UK, Source: KPMG
“We are
expecting to see growing investment interest in AI and its use in the fintech
and regtech space,” said Hannah Dobson, Partner and UK Head of Fintech at KPMG UK. “Regulation remains a key focus in the EU, particularly with crypto and
digital asset businesses as they navigate the new EU’s Markets in Crypto Assets
regulation.”
The data
shows UK consumers are rapidly adopting digital banking services, with
traditional banks now facing increased competition from technology-focused
challengers. Legacy institutions must adapt to changing customer preferences in
an increasingly digital market.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
“MENA’s Digital Banking Challenge Isn’t Demand; It’s the Restrictive Infrastructure,” Jas Shah at FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
