Neobanking Valuations

Valuations
Revenue Multiples
- What neobanks generate the most revenue?
- What are the EV/revenue multiples for neobanks?
Profit Multiples
- What neobanks generate the most profits?
- What are the EV/profit multiples for neobanks?
User-Based Multiples
Data and methodology

About this report

New report: update on valuation multiples for neobanking, a winner-takes-all market, with 🇧🇷 Nubank, 🇬🇧 Revolut, and 🇨🇳 WeBank dominating the industry across all metrics.

Valued at $58B, Nubank is the largest neobank in the world. Despite the scale ($12B revenue and $2B profits), Nubank is valued significantly lower than Revolut (5.0x vs. 11.7x revenue).

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 Latin America (possibly the fastest-growing fintech market in the world), outside of Nubank, 🇦🇷 Ualá is performing exceptionally well and increased its valuation in the latest $366M funding round to $2.75B. Many neobanking challengers in LatAm, like 🇲🇽 albo, 🇦🇷 Reba, 🇨🇱 B89, or a fintech arm of 🇨🇴 Rappi - RappiPay.

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.

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Valuations

Nubank is the highest valued neobank in the world, but Revolut closely follows.

Revenue Multiples

What neobanks generate the most revenue?

Nubank, Revolut and WeBank and generate more revenue than all other neobanks in the world, combined.

What are the EV/revenue multiples for neobanks?

Although revenue multiples don't apply as much for mature neobanks, still worth noticing that despite its scale, Nubank is valued at just 5x revenue – over twice lower than Revolut.

Profit Multiples

What neobanks generate the most profits?

Scale hits again – top 3 neobanks generate more profits than everyone else in the world, combined.

What are the EV/profit multiples for neobanks?

Revolut and Wise are valued at significant premium to Nubank and WeBank.

User-Based Multiples

Number of customers per neobank

Demographics define neobanks business models - Nubank (Brazil) and WeBank (China) serve much bigger userbase.

Average Revenue Per User (ARPU) per neobank

Despite targeting underbanked population, Nubank manages to keep its ARPU above the market median.

What are the EV/users multiples for neobanks?

Revolut's users valued 6x higher than WeBank's and 2x higher than Nubank's.

Data and methodology

Underlying data

Multiples is a valuation analytics platform. Public markets data is powered by FactSet and Morningstar, harmonized and enhanced by us. Private transaction data is multi-sourced, aggregated from harvesting public information, agreements with 3rd party providers, proprietary sourcing and data engineering. All data is verified and provided with an extensive manual process (no AI involved). This report is built on data that is available at multiples.vc. For more information, please visit multiples.vc or contact us at hi@multiples.vc.

Public companies

The foundation of our public comps are analyst estimates and historical financials, powered by FactSet (consensus analyst estimates) and Morningstar (historical data). Analyst estimates are provided by FactSet by taking input from 50+ equity research analysts (the highest amount across all financial data providers). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2024A, 2025E etc.) before the appropriate month weights are then applied to prior/future fundamentals. We emphasise valuation multiples and operational ratios, any raw figures are harmonised to USD for comparison purposes.

Private transactions

We source deal data from 3rd party databases, company filings, press releases, and our own proprietary data sets built over years of investment banking careers. We harmonize and unify data in-house to form a unique data set of disclosed transactions. We triple-check deal data through a proprietary red-flagging system, compare with verified online sources, and sense-check with our investment banking team. We exclude undisclosed and suspicious-looking data points. Our dataset is continuously monitored for accuracy. EV calculation: if data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2024, we might take full-year 2024 revenue as a revenue benchmark.