Neobanks with no card of their own
short answer60 of the 368 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 60 are listed below with custody, licence 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 60 card-free neobanks
| neobank | type | hq | custody | licence / structure | reported users |
|---|---|---|---|---|---|
| WeBank | traditional | Shenzhen, CN | Custodial | Private bank licence (CN) | 400M customers (2024) |
| bKash | traditional | Dhaka, BD | Custodial | MFS licence (Bangladesh Bank) | 70M users (2024) |
| KakaoBank | traditional | Seongnam, KR | Custodial | Internet-only bank licence (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) |
| ANEXT Bank | traditional | Singapore, SG | Custodial | Digital wholesale bank (MAS) | — |
| Atom Bank | traditional | Durham, UK | Custodial | UK banking licence | — |
| Baraka | traditional | Dubai, AE | Custodial | DFSA-regulated investment firm (DIFC, ref. 4153); broker-led model, execution via licensed partners | — |
| Boost Bank | traditional | Kuala Lumpur, MY | Custodial | Digital bank licence (BNM); Axiata | — |
| Branch Intl | traditional | Nairobi/Lagos | Custodial | Microfinance bank licence in Kenya (84.9% of Century MFB, CBK-approved 2022); digital lending in NG/IN | — |
| Daimo | web3-native | New York, US | Self-custodial | Open-source self-custodial software | — |
| DANA | traditional | Jakarta, ID | Custodial | E-money issuer licence (Bank Indonesia) | — |
| Daviplata | traditional | Bogotá, CO | Custodial | Operates under Banco Davivienda's Colombian banking licence (SFC-supervised) | — |
| Deel | hybrid | San Francisco, US | Custodial | MSB + US state money-transmitter licences (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 | — |
| Ellevest | traditional | New York, US | Custodial | SEC-registered investment adviser; Partner bank (Coastal Community Bank) for cash accounts | — |
| 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 licences (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) | — |
| Judo Bank | traditional | Melbourne, AU | Custodial | ADI licence | — |
| K bank | traditional | Seoul, KR | Custodial | Internet-only bank licence (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 licence (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) | — |
| 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 licences (FRA, Egypt); e-payments arm licensed by CBE | — |
| MoMo | traditional | Ho Chi Minh City, VN | Custodial | Intermediary payment services / e-wallet licence from State Bank of Vietnam; mobile money super-app | — |
| MYbank | traditional | Hangzhou, CN | Custodial | Private bank licence (CN) | — |
| Nagad | traditional | Dhaka, BD | Custodial | Mobile money licence (Bangladesh Bank MFS, with Bangladesh Post Office); 2024 digital-bank licence under review | — |
| NEXT Bank | traditional | Taipei, TW | Custodial | Virtual bank licence (TW FSC) | — |
| OakNorth | traditional | London, UK | Custodial | Full UK banking licence (PRA/FCA, 2015) | — |
| Oraan | traditional | Karachi, PK | Custodial | SECP-registered; NBFC (non-bank finance company) licence from SECP Pakistan for lending; digital ROSCAs | — |
| OVO | traditional | Jakarta, ID | Custodial | Bank Indonesia e-money licence (PT Visionet Internasional, 2017); QRIS + funds-transfer licences | — |
| 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 licence (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 | — |
| Sling Money | web3-native | London, UK | Self-custodial | Self-custodial 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 licence | — |
| TNEX | traditional | Hanoi, VN | Custodial | Operates under Maritime Bank's (Vietnam) banking licence as its digital bank | — |
| Toss Bank | traditional | Seoul, KR | Custodial | Internet-only bank licence (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 licence in Kenya (majority stake in Daraja MFB, CBK-approved 2022); Nigeria via partner bank | — |
| UnionDigital | traditional | Manila, PH | Custodial | PH digital bank licence | — |
| 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 | — |
| Zengo | web3-native | Tel Aviv, IL | MPC self-custodial | MPC self-custody; no seed phrase | — |
Common questions
Neobanks with no card of their own: how many are there?
60 of the 368 neobanks tracked here are card-free neobanks. Every entry is verified active and listed on this page with its custody model, licence detail and the regions it serves.
Which are the biggest card-free neobanks?
By self-reported users, WeBank, bKash, KakaoBank, Phantom and MiniPay. Only 5 of these 60 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 (178) · Neobanks that issue a Mastercard (148) · 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.