Neobanking Valuations — September 2025

September 2025 update on neobanking valuation multiples: still a winner-takes-all market, with 🇧🇷 Nubank, 🇬🇧 Revolut, and 🇨🇳 WeBank dominating the industry across all metrics, with 🇸🇪 Klarna transforming itself from a BNPL player to a full-fledged neobank.

Nubank dethroned - valued at $75B in the latest secondary share sale, Revolut is now the largest neobank in the world in terms of valuation. Revolut is also valued significantly higher than Nubank (18.3x vs. 5.8x revenue and 53.6x vs. 32.7x pre-tax profit).

🇸🇪 Klarna's second act: Swedish fintech unicorn is gearing up for its IPO, rumoured to be valued as high as $14B. Klarna is ditching its previous positioning as a pure-play BNPL (buy now, pay later) platform and becoming a true neobank. Klarna partnered with Visa to roll out its debit card in the US and recently launched FDIC-backed deposit accounts.

Neobanking is *very* strong in Europe, and in particular the UK. London is home to 4 out of the 10 world's biggest neobanks (🇬🇧 Revolut, 🇬🇧 Wise, 🇬🇧 Monzo Bank, 🇬🇧 Starling Bank), and many other category-defining platforms were founded in the UK, like 🇬🇧 Curve, 🇬🇧 Monese, 🇬🇧 Tide, 🇬🇧 OakNorth or 🇬🇧 Chip.

In Asia, Tencent-backed WeBank serves already nearly half a billion (!) customers in China. Two large neobanks operate in Korea - KakaoBank and Kbank, the latter one looking to IPO by 2026.