Neobanks with no card of their own
short answer66 of the 382 neobanks tracked here are card-free neobanks. They split into licensed savings and lending banks, where deposits and credit are the business, and self-custodial wallets that leave spending to a partner. The largest by disclosed users are WeBank, bKash, KakaoBank, Phantom and MiniPay; all 66 are listed below with custody, license and geography.
Two very different products land here. Licensed savings and lending banks never issued a card because deposits and credit are the business, and self-custodial wallets leave spending to a partner or an exchange. A card is a distribution choice, not part of the definition — and its absence usually tells you where the revenue comes from instead.
All 66 card-free neobanks
| neobank | type | hq | custody | license / structure | reported users |
|---|---|---|---|---|---|
| WeBank | traditional | Shenzhen, CN | Custodial | Private bank license (CN) | 400M customers (2024) |
| bKash | traditional | Dhaka, BD | Custodial | MFS license (Bangladesh Bank) | 70M users (2024) |
| KakaoBank | traditional | Seongnam, KR | Custodial | Internet-only bank license (KR) | 23M customers (2024) |
| Phantom | web3-native | San Francisco, US | Self-custodial | Self-custodial software | 15M MAU (2025) |
| MiniPay | web3-native | Oslo, NO | Self-custodial | Self-custodial software | 10M wallets (2025) |
| Zengo | web3-native | Tel Aviv, IL | MPC self-custodial | MPC self-custody; no seed phrase | 2M users (2026) |
| Always.bank | traditional | Birmingham, US | Custodial | FDIC-insured national bank charter (22nd State Banking Company) | — |
| ANEXT Bank | traditional | Singapore, SG | Custodial | Digital wholesale bank (MAS) | — |
| Atom Bank | traditional | Durham, UK | Custodial | UK banking license | — |
| Baraka | traditional | Dubai, AE | Custodial | DFSA-regulated investment firm (DIFC, ref. 4153); broker-led model, execution via licensed partners | — |
| Blink | traditional | Amman, JO | Custodial | Bank-owned neobank on Capital Bank of Jordan's banking license | — |
| Boost Bank | traditional | Kuala Lumpur, MY | Custodial | Digital bank license (BNM); Axiata | — |
| Branch Intl | traditional | Nairobi/Lagos | Custodial | Microfinance bank license in Kenya (84.9% of Century MFB, CBK-approved 2022); digital lending in NG/IN | — |
| Brookwell | hybrid | New York, US | Custodial | Partner bank: Erebor Bank, N.A. (Member FDIC) | — |
| Daimo | web3-native | New York, US | Self-custodial | Open-source self-custodial software | — |
| DANA | traditional | Jakarta, ID | Custodial | E-money issuer license (Bank Indonesia) | — |
| Daviplata | traditional | Bogotá, CO | Custodial | Operates under Banco Davivienda's Colombian banking license (SFC-supervised) | — |
| Deel | hybrid | San Francisco, US | Custodial | MSB + US state money-transmitter licenses (DPayments); US wallet via Alviere/CFSB; DLUSD via Bridge | — |
| Eco (Beam) | web3-native | New York, US | Self-custodial | Self-custodial (Eco protocol) | — |
| El Dorado | web3-native | — | Self-custodial | Self-custodial software | — |
| Esh Bank | traditional | Tel Aviv, IL | Custodial | Bank of Israel banking license (2022) | — |
| Exodus | web3-native | Omaha, US | Self-custodial | Self-custodial software | — |
| FairMoney | traditional | Lagos, NG | Custodial | Microfinance bank (NG) | — |
| Félix | hybrid | Mexico City, MX | Custodial | US money transmitter — state licenses (NMLS 2302775); agent of UniTeller/Intermex; USDC rails via Bitso | — |
| Fingo | traditional | Nairobi, KE | Custodial | Partner bank (Ecobank Kenya); Central Bank of Kenya-approved product | — |
| GoPay | traditional | Jakarta, ID | Custodial | E-money issuer licensed by Bank Indonesia (PT Dompet Anak Bangsa, since 2014); PJP Category 1; Bank Jago partner | — |
| GXS Bank | traditional | Singapore, SG | Custodial | Digital full bank (MAS) | — |
| Haventree Bank | traditional | Toronto, CA | Custodial | Schedule I Canadian bank (CDIC member) | — |
| Judo Bank | traditional | Melbourne, AU | Custodial | ADI license | — |
| K bank | traditional | Seoul, KR | Custodial | Internet-only bank license (KT-led) | — |
| Kestrl | traditional | London, UK | Custodial | Accounts and cards issued by AF Payments Ltd, FCA-authorised e-money institution (FRN 900440) | — |
| Khazna | traditional | Cairo, EG | Custodial | Pursuing Central Bank of Egypt digital-bank license (target mid-2026); lends via FRA-regulated entities | — |
| Marcus | traditional | New York, US | Custodial | Goldman Sachs Bank USA national bank charter (OCC); Member FDIC | — |
| MariBank | traditional | Singapore, SG | Custodial | Digital full bank (MAS) | — |
| Mela | traditional | Delaware, US | Custodial | US account via a BaaS partner bank (sponsor not publicly named); Mela Finance Inc. is a National Bank of Ethiopia licensed money transfer institution | — |
| Meow | hybrid | New York, US | Custodial | Partner banks (Grasshopper Bank, Cross River Bank); fintech, not a bank; FDIC via partners | — |
| MNT-Halan | traditional | Cairo, EG | Custodial | Microfinance and consumer finance licenses (FRA, Egypt); e-payments arm licensed by CBE | — |
| MoMo | traditional | Ho Chi Minh City, VN | Custodial | Intermediary payment services / e-wallet license from State Bank of Vietnam; mobile money super-app | — |
| MYbank | traditional | Hangzhou, CN | Custodial | Private bank license (CN) | — |
| Nagad | traditional | Dhaka, BD | Custodial | Mobile money license (Bangladesh Bank MFS, with Bangladesh Post Office); 2024 digital-bank license under review | — |
| NEXT Bank | traditional | Taipei, TW | Custodial | Virtual bank license (TW FSC) | — |
| OakNorth | traditional | London, UK | Custodial | Full UK banking license (PRA/FCA, 2015) | — |
| Oraan | traditional | Karachi, PK | Custodial | SECP-registered; NBFC (non-bank finance company) license from SECP Pakistan for lending; digital ROSCAs | — |
| OVO | traditional | Jakarta, ID | Custodial | Bank Indonesia e-money license (PT Visionet Internasional, 2017); QRIS + funds-transfer licenses | — |
| Peanut | web3-native | Zug, CH | Self-custodial | Open-source protocol; no custody | — |
| Rainbow | web3-native | New York, US | Self-custodial | Self-custodial software | — |
| Ryt Bank | traditional | Kuala Lumpur, MY | Custodial | Digital bank license (BNM) | — |
| Sarwa | traditional | Dubai, AE | Custodial | FSRA-regulated (ADGM, UAE) investment platform; robo-advisory and broker services | — |
| SeaBank | traditional | Jakarta, ID | Custodial | Bank (OJK); Sea Group | — |
| Slush | web3-native | Palo Alto, US | Self-custodial | Self-custodial Sui wallet software | — |
| Superbank | traditional | Jakarta, ID | Custodial | Bank (OJK); Grab/Emtek/Singtel | — |
| Superform | web3-native | — | Self-custodial | Self-custodial software | — |
| SurfCash | web3-native | — | Self-custodial | Self-custodial (BVI entity); decentralized protocols + licensed local partners; Circle Alliance | — |
| Tandem Bank | traditional | London, UK | Custodial | UK banking license | — |
| TNEX | traditional | Hanoi, VN | Custodial | Operates under Maritime Bank's (Vietnam) banking license as its digital bank | — |
| Toss Bank | traditional | Seoul, KR | Custodial | Internet-only bank license (KR) | — |
| Tria | web3-native | — | Self-custodial | Self-custodial software | — |
| Trust Wallet | web3-native | — | Self-custodial | Self-custodial software | — |
| Tuyo | web3-native | — | Self-custodial | Self-custodial software | — |
| Umba | traditional | Lagos/Nairobi | Custodial | Microfinance bank license in Kenya (majority stake in Daraja MFB, CBK-approved 2022); Nigeria via partner bank | — |
| UnionDigital | traditional | Manila, PH | Custodial | PH digital bank license | — |
| Veera | web3-native | Singapore, SG | Self-custodial | Self-custodial; passkey-secured non-exportable keys | — |
| Wave | traditional | Dakar, SN | Custodial | First non-telecom e-money issuer (BCEAO) | — |
| Xverse | web3-native | London, UK | Self-custodial | Self-custodial software | — |
| Yellow Card | hybrid | Lagos, NG | Custodial | Licensed/registered in 20+ African markets | — |
| Yolat | traditional | Lagos, NG | Custodial | FINTRAC MSB + Bank of Canada RPAA PSP (CA); IMTO (CBN, NG) | — |
Common questions
Neobanks with no card of their own: how many are there?
66 of the 382 neobanks tracked here are card-free neobanks. Every entry is verified active and listed on this page with its custody model, license detail and the regions it serves.
Which are the biggest card-free neobanks?
By self-reported users, WeBank, bKash, KakaoBank, Phantom and MiniPay. Only 6 of these 66 disclose a user figure, so treat any ranking by size as partial rather than complete.
What does this category actually mean?
Two very different products land here. Licensed savings and lending banks never issued a card because deposits and credit are the business, and self-custodial wallets leave spending to a partner or an exchange. A card is a distribution choice, not part of the definition — and its absence usually tells you where the revenue comes from instead.
Related
Neobanks that issue a Visa card (185) · Neobanks that issue a Mastercard (150) · Neobanks on domestic card networks (16)
go deeperFilter these live in the interactive directory, browse every cut of the dataset, or take the raw fields from data.json.
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.