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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.
Scroll below to read the interactive version of this report, or download the PDF here.
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.
Nubank is the highest valued neobank in the world, but Revolut closely follows.
Nubank, Revolut and WeBank and generate more revenue than all other neobanks in the world, combined.
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.
Scale hits again – top 3 neobanks generate more profits than everyone else in the world, combined.
Revolut and Wise are valued at significant premium to Nubank and WeBank.
Demographics define neobanks business models - Nubank (Brazil) and WeBank (China) serve much bigger userbase.
Despite targeting underbanked population, Nubank manages to keep its ARPU above the market median.
Revolut's users valued 6x higher than WeBank's and 2x higher than Nubank's.
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