Europe has the most neobanks. It doesn't have the biggest ones.
Count the neobanks operating in each region and Europe wins comfortably. Count the customers of the largest one in each region and Europe drops behind three regions that get a fraction of the coverage.
| Region | Neobanks active there | Largest by disclosed users |
|---|---|---|
| Europe | 146 | Revolut — 50M customers (2025) |
| Asia | 134 | WeBank — 400M customers (2024) |
| North America | 127 | Cash App — 59M transacting actives (2025) |
| Latin America | 116 | Nubank — 139M customers (Q2 2026) |
| Africa | 94 | OPay — 60M users (2024) |
"Active there" counts every neobank that serves customers in the region, wherever it is headquartered, so global players appear in several rows. The user figures are each company's own, in its own metric — customers, users or monthly actives — which is why each carries its label and date. They are not directly comparable, but the gaps here are too wide to be an artefact of definitions.
Density is not scale
Europe's number is a density story. EU passporting lets a single e-money or banking licence reach the whole single market, so an unusually large number of firms can afford to try. The result is crowded: most of those 146 compete for overlapping customers in mature banking systems where almost everyone already has an account.
The giants grew somewhere else entirely. WeBank in China, PhonePe in India with 200M monthly actives (2025), Nubank in Brazil, GCash in the Philippines with 94M users (2024), OPay and PalmPay in Nigeria. What they share is not a technology. It is a market where the incumbent banks left a large share of the population underserved, so the neobank was not competing with someone's existing bank — it often was their first one.
Where the disclosed users actually are
Group every disclosed user figure by where the company is headquartered and the picture sharpens:
| Headquarters | Disclosed users, summed |
|---|---|
| China | 400M |
| Brazil | 264M |
| India | 200M |
| Philippines | 124M |
| United States | 96M |
| Nigeria | 95M |
| United Kingdom | 81M |
Two caveats, stated plainly. These sums cover only the 23 neobanks whose user figure we could verify, and they add customers to monthly actives, which no careful analyst would do for any other purpose. Read the table as a ranking of where scale has been publicly demonstrated, not as a census. Even so: Brazil's disclosed neobank users outnumber those of the US and UK combined, and Nigeria is level with the United States.
Why this matters for how neobanks get judged
Most of what is written about neobanks is written from London, New York and San Francisco, about the companies headquartered there, and it measures them against each other. That is a reasonable way to cover Europe's crowd. It is a poor way to understand an industry whose largest players serve hundreds of millions of people in markets those writers rarely visit.
It is also why this site keeps regional chapters run by people on the ground, and why the dataset records availability and headquarters separately. The world map shows where neobanks are based; the regional pages show where they actually serve.