Neobanking Valuations — September 2025

Last updated on 05 September 2025·Fintech

Download PDF version

This analysis is available to download as a PDF presentation.

About this report

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.

TLDR - neobanking valuations

#
1	Revolut	🇬🇧	$75.0B	$4.1B	$1.4B	60M	18.3x	53.6x	1250.0x	$68
2	Nubank	🇧🇷	$65.7B	$15.8B	$2.2B	123M	4.2x	29.9x	535.8x	$129
3	WeBank	🇨🇳	$32.4B	$5.4B	$1.5B	200M	6.0x	21.6x	162.0x	$27
4	Wise	🇬🇧	$13.0B	$2.3B	$0.8B	16M	5.6x	17.0x	834.0x	$150
5	Kakao	🇰🇷	$8.1B	$2.1B	$0.3B	25M	3.9x	25.2x	326.1x	$84
6	Chime	🇺🇸	$8.0B	$2.2B		9M	3.7x		929.5x	$254
7	Klarna	🇸🇪	$7.2B	$3.5B		111M	2.0x		64.8x	$32
8	Monzo	🇬🇧	$5.9B	$1.6B	$0.2B	12M	3.7x	38.6x	491.7x	$134
9	Kbank	🇰🇷	$3.7B	$0.3B	$0.1B	10M	12.3x	37.0x	370.0x	$30
10	Starling	🇬🇧	$3.6B	$1.0B	$0.3B	5M	3.8x	12.0x	782.6x	$208
11	N26	🇩🇪	$3.0B	$0.5B		5M	6.0x		625.0x	$104
12	Ualá	🇦🇷	$2.8B	$0.3B		9M	9.3x		311.1x	$33
13	Dave	🇺🇸	$2.8B	$0.5B	$0.1B	11M	6.2x	20.6x	254.5x	$41
14	Banco Inter	🇧🇷	$2.5B	$1.6B	$0.2B	38M	1.5x	12.3x	65.2x	$43
15	Bunq	🇳🇱	$1.8B	$0.4B	$0.1B	14M	4.5x	18.0x	128.6x	$29
16	PicPay	🇧🇷	$1.4B	$2.0B	$0.2B	38M	0.7x	7.0x	37.4x	$52
17	Agibank	🇧🇷	$1.1B	$1.3B	$0.2B	38M	0.9x	5.6x	29.9x	$33
18	Bank Jago	🇧🇷	$0.8B	$0.2B	$0.2B	38M	4.5x	3.9x	20.8x	$5
19	Kuda	🇳🇬	$0.5B	$0.0B		7M	15.6x		71.4x	$5

Data and methodology

Underlying data

Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). 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 (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.

Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. 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 2025, we might take full-year 2025 revenue as a revenue benchmark.

Any raw figures are harmonised to USD for comparison purposes.

This page is built on data available at Multiples. Sign up for a free trial to see the full dataset.

ON THIS PAGE

SHARE THIS POST