Revolut secures top spot as Europe's premier online bank with 35 million customers

In the rapidly evolving landscape of banking, the emergence and growth of online-only banks, also known as digital challenger banks or neobanks, have been nothing short of remarkable. As of 2023, these disruptors are reshaping the traditional banking sector by offering customers a seamless, app-based banking experience. Let's take a closer look at the latest statistics on the number of customers at some of the major European online-only banks.

Online Bank	Number of customers
Revolut	35,000,000
Wise	16,000,000
N26	8,000,000
Monzo	7,500,000
Starling Bank	3,600,000
Monese	2,000,000
Atom Bank	220,000

The growth of customer base

According to the latest data analyzed by Invezz, Revolut, the London-based financial technology giant, leads the pack with a staggering 35 million customers as of October 2023.

This marks a substantial increase from 25 million in November 2022 and 1.5 million in February 2018, showcasing an unprecedented acceleration in customer acquisition.

Wise, another key player in the online banking space, boasts an impressive customer base of 16 million as of March 2023. The German-based N26, known for its strategic funding initiatives, reached 8 million customers in October 2022.

Monzo and Starling Bank, both headquartered in London, have customer bases of 7.50 million and 3.60 million, respectively, as of May and March 2023. Monese, with its establishment in 2020, serves 2 million customers, while Atom Bank, founded in 2022, has 0.22 million customers.

Understanding online banks

Online banks, in contrast to traditional banks, operate solely through digital platforms without physical branches. These digital disruptors have gained popularity due to several factors, including lower fees, enhanced customer service, and greater accessibility. The absence of physical infrastructure allows these banks to reduce operational costs significantly, providing customers with a more cost-effective and convenient banking experience.

Revolut's phenomenal growth

Revolut's journey from 1.5 million customers in 2018 to 35 million in 2023 is particularly noteworthy. The surge in customer numbers is mirrored by a sharp increase in app downloads between 2019 and 2023, surpassing other digital banks. This exceptional growth is a testament to the appeal of Revolut's offerings and its ability to adapt to evolving consumer needs.

Harsh Vardhan, Chief Editor at Invezz, comments: