Neobanks running on someone else’s banking licence
short answer77 of the 368 neobanks tracked here are partner-bank (BaaS) neobanks. These are a brand and an interface on top of a sponsor bank that holds the money and carries the insurance. They include Albert, Bitnob, Bluevine, Branch and Brex; all 77 are listed below with custody, licence and geography.
These are a brand and an interface on top of a sponsor bank that holds the money and carries the insurance. The risk is concentration and disclosure: a short list of sponsor banks sits under many brands at once, and most apps will not tell you which one holds your funds. When a sponsor or the middleware between them fails, every brand on it fails together, as the 2024 Synapse collapse showed.
All 77 partner-bank (BaaS) neobanks
| neobank | type | hq | custody | licence / structure | reported users |
|---|---|---|---|---|---|
| Chime | traditional | San Francisco, US | Custodial | Partner banks (The Bancorp, Stride) | 22M members (2024) |
| Albert | traditional | Culver City, US | Custodial | Partner banks (Sutton Bank, Stride Bank; savings via Coastal Community Bank, Wells Fargo) | — |
| Bitnob | hybrid | Lagos, NG | Custodial | VASP applicant under Nigeria SEC's ARIP (approval-in-principle track); licensed partners for rails | — |
| Bluevine | traditional | Redwood City, US | Custodial | Partner bank (Coastal Community Bank) + sweep-network program banks (up to $3M FDIC); credit line via Celtic Bank | — |
| Branch | traditional | Minneapolis, US | Custodial | Partner banks (Lead Bank; Evolve Bank & Trust); Mastercard debit for workforce payouts | — |
| Brex | traditional | San Francisco, US | Custodial | Partner banks | — |
| C24 Bank | traditional | Frankfurt, DE | Custodial | Full German banking licence (BaFin); CHECK24 subsidiary | — |
| Cake | traditional | Ho Chi Minh, VN | Custodial | Partner: VPBank | — |
| Charlie | traditional | Los Angeles, US | Custodial | Partner bank (Sutton Bank); Visa debit; FDIC pass-through insurance | — |
| Chase UK | traditional | London, UK | Custodial | UK subsidiary of JPMorgan | — |
| Cleva | traditional | Lagos, NG | Custodial | MSB registration (FinCEN); USD accounts via licensed FDIC-insured US partner banks | — |
| Comun | traditional | New York, US | Custodial | Partner bank (Community Federal Savings Bank); Visa debit; FDIC pass-through | — |
| Copper | traditional | Seattle, US | Custodial | Partner bank (Evolve Bank & Trust); relaunched family banking after 2024 Synapse collapse | — |
| Current | traditional | New York, US | Custodial | Partner banks (Choice, Cross River) | — |
| Dave | traditional | Los Angeles, US | Custodial | Partner bank (Evolve) | — |
| Djamo | traditional | Abidjan, CI | Custodial | Microfinance licence (BCEAO / Côte d'Ivoire MEF, Sep 2025 — first fintech); cards with partner banks | — |
| DolarApp | hybrid | Mexico City, MX | Custodial | Digital-dollar (USDC) accounts on regulated partner banks' and custodians' rails; rebranded ARQ 2026 | — |
| Douugh | traditional | Sydney, AU | Custodial | Partner banks (Regional Australia Bank; US via Choice Bank) | — |
| Ellevest | traditional | New York, US | Custodial | SEC-registered investment adviser; Partner bank (Coastal Community Bank) for cash accounts | — |
| FamPay | traditional | Bengaluru, IN | Custodial | Partner bank (IDFC FIRST Bank) — co-branded RBI prepaid payment instruments; RuPay/Visa cards | — |
| 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 | — |
| Flex | hybrid | San Francisco, US | Custodial | Partner banks (Column, Lead, Thread) | — |
| Fold | hybrid | Phoenix, US | Custodial | Partner bank (Sutton Bank) issues Fold Visa prepaid card; BTC via Fortress Trust, BitGo-insured custody | — |
| Found | traditional | San Francisco, US | Custodial | Partner bank (Lead Bank); FDIC pass-through up to $250k; formerly Piermont Bank | — |
| Freo | traditional | Bengaluru, IN | Custodial | In-house RBI-licensed NBFC; savings and accounts via partner banks (Equitas, Yes Bank) | — |
| Fyrst | traditional | Bonn, DE | Custodial | Brand of Deutsche Bank AG — full German banking licence (ECB/BaFin); Postbank rails | — |
| GoHenry | traditional | New York/London | Custodial | Partner bank (Community Federal Savings Bank, US); UK cards via FCA-regulated e-money issuer | — |
| Greenlight | traditional | Atlanta, US | Custodial | Partner bank (Community Federal) | — |
| Greenwood | traditional | Atlanta, US | Custodial | Partner bank (Coastal Community Bank); Mastercard debit; FDIC pass-through | — |
| Hnry | traditional | Wellington, NZ | Custodial | Partner bank (ASB in NZ; Monoova/Cuscal in AU); registered tax agent, client accounts in own name | — |
| Jupiter | traditional | Mumbai, IN | Custodial | Partner bank (Federal Bank); RBI PPI licence via parent Amica Financial Technologies | — |
| Karat | traditional | Los Angeles, US | Custodial | Partner bank (Grasshopper Bank, N.A.); Karat Visa credit card issued by Cross River Bank | — |
| KAST | hybrid | Hong Kong, HK | Custodial | Runs on licensed partners' rails: custody via BitGo/Fireblocks, Visa cards via licensed issuers; not a bank | — |
| Kit | traditional | Sydney, AU | Custodial | On CBA rails | — |
| Kontigo | web3-native | — | Custodial | Self-custodial MPC wallet (USDC); no licence of its own; fiat rails via partners | — |
| Kontist | traditional | Berlin, DE | Custodial | Partner bank (Solaris SE, BaFin-licensed); German IBAN accounts | — |
| Lili | traditional | New York, US | Custodial | Partner bank (Sunrise Banks, N.A.); wires via Column Bank; formerly Choice Financial | — |
| LINE BK | traditional | Bangkok, TH | Custodial | JV on KBank licence | — |
| Mahila Money | traditional | Delhi, IN | Custodial | No own licence; lends on RBI-licensed NBFC partners' rails (Capital Trade Links, RupeeCircle) | — |
| Majority | traditional | Houston, US | Custodial | Partner bank (Axiom Bank, N.A.); Visa debit; credit card issued by WebBank | — |
| Meow | hybrid | New York, US | Custodial | Partner banks (Grasshopper Bank, Cross River Bank); fintech, not a bank; FDIC via partners | — |
| Mercury | traditional | San Francisco, US | Custodial | Partner banks (Choice, Column) | — |
| MoCaFi | traditional | New York, US | Custodial | Partner bank (Sunrise Banks, N.A., Member FDIC) for accounts and Mastercard debit | — |
| MoneyLion | traditional | New York, US | Custodial | Partner banks | — |
| Monobank | traditional | Kyiv, UA | Custodial | Operates on Universal Bank licence | — |
| Munify | traditional | Cairo, EG | Custodial | US accounts via partner banks; in-principle DFSA licence approval (UAE, Nov 2025) | — |
| Neo Financial | traditional | Calgary, CA | Custodial | Partner banks (Peoples Bank of Canada, Concentra Bank); CDIC-insured deposits | — |
| neon | traditional | Zurich, CH | Custodial | Partner: Hypothekarbank Lenzburg | — |
| Nickel | traditional | Paris, FR | Custodial | Payment institution (Financière des Paiements Électroniques, ACPR no. 16598); BNP Paribas subsidiary | — |
| Niyo | traditional | Bengaluru, IN | Custodial | Partner banks (SBM Bank India, DCB Bank) — RBI-regulated issuers; no own licence | — |
| Nomad | traditional | São Paulo, BR | Custodial | Partner bank (Community Federal Savings Bank, US); FX via Ouribank (Brazil) | — |
| NorthOne | traditional | New York, US | Custodial | Partner bank (The Bancorp Bank, N.A.); Mastercard business debit | — |
| Novo | traditional | Miami, US | Custodial | Partner bank (Middlesex Federal Savings, F.A.); Mastercard debit; credit card via Continental Bank | — |
| Nyla | traditional | Lagos, NG | Custodial | Partner banks — tech company, not a bank; launching in Ghana via a licensed commercial bank (Islamic window) | — |
| One | traditional | Sacramento, US | Custodial | Partner bank (Coastal Community) | — |
| Open | traditional | Bengaluru, IN | Custodial | Partner banks (ICICI, Axis, Yes Bank +); RBI-licensed payment aggregator | — |
| Paytm | traditional | Noida, IN | Custodial | UPI TPAP riding on partner banks (Axis, Yes Bank, SBI, HDFC); wallet wound down with bank unit | — |
| Pride Bank | traditional | São Paulo, BR | Custodial | Not a bank; payment arrangement on Digital Banks' rails (BaaS, Brazil) | — |
| Purple | traditional | New York, US | Custodial | Partner bank (OMB Bank, Member FDIC); Mastercard debit issued by OMB Bank | — |
| Ramp | traditional | New York, US | Custodial | Partner banks | — |
| RazorpayX | traditional | Bengaluru, IN | Custodial | Partner banks (RBL, ICICI, Yes, Axis, IDFC First); Razorpay holds RBI payment aggregator licence | — |
| Relay | traditional | Toronto/US | Custodial | Partner bank (Thread Bank, Member FDIC); previously Evolve Bank & Trust | — |
| Rho | traditional | New York, US | Custodial | Partner bank (Webster Bank, N.A.); savings swept across 400+ FDIC banks via ADM | — |
| Robinhood | hybrid | Menlo Park, US | Custodial | Broker-dealer + partner banks; state crypto licences | — |
| Slash | hybrid | San Francisco, US | Custodial | Partner bank (Column N.A., Member FDIC); previously Piermont Bank | — |
| Step | traditional | Palo Alto, US | Custodial | Partner bank (Evolve) | — |
| Till Financial | traditional | Boston, US | Custodial | Partner bank (Coastal Community Bank); FDIC pass-through; Visa debit cards | — |
| Timo | traditional | Ho Chi Minh, VN | Custodial | Partner: Ban Viet Bank | — |
| Tinaba | traditional | Milan, IT | Custodial | Partner bank (Banca Profilo, Bank of Italy register no. 5271); Tinaba is the tech layer | — |
| Tomorrow | traditional | Hamburg, DE | Custodial | Partner bank (Solaris SE, full German banking licence, BaFin-supervised) | — |
| True Link | traditional | San Francisco, US | Custodial | Partner bank (Sunrise Banks, N.A.); True Link Visa prepaid cards | — |
| Umba | traditional | Lagos/Nairobi | Custodial | Microfinance bank licence in Kenya (majority stake in Daraja MFB, CBK-approved 2022); Nigeria via partner bank | — |
| Up | traditional | Melbourne, AU | Custodial | On Bendigo & Adelaide Bank licence | — |
| YAP | traditional | Dubai, AE | Custodial | Partner bank (Ruya Community Islamic Bank, CBUAE-licensed; formerly RAKBANK) | — |
| Yuh | hybrid | Gland, CH | Custodial | On Swissquote's banking licence | — |
| Zolve | traditional | New York/Bengaluru | Custodial | Partner bank (Community Federal Savings Bank); deposits, debit and credit cards | — |
Common questions
Neobanks running on someone else’s banking licence: how many are there?
77 of the 368 neobanks tracked here are partner-bank (BaaS) neobanks. Every entry is verified active and listed on this page with its custody model, licence detail and the regions it serves.
Which partner-bank (BaaS) neobanks are the largest?
Not answerable from public data: only 1 of these 77 disclose a user figure at all. The list below is therefore not a ranking, and anyone presenting one for this category is guessing.
What does this category actually mean?
These are a brand and an interface on top of a sponsor bank that holds the money and carries the insurance. The risk is concentration and disclosure: a short list of sponsor banks sits under many brands at once, and most apps will not tell you which one holds your funds. When a sponsor or the middleware between them fails, every brand on it fails together, as the 2024 Synapse collapse showed.
Related
Neobanks that hold their own banking licence (127) · Neobanks operating under crypto and money-transmitter licences (24) · Neobanks authorised as e-money institutions (48) · Neobanks authorised as crypto-asset service providers under MiCA (8) · Neobanks authorised as payment institutions (13) · Neobanks that never hold your money (51)
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.