Neobanks running on someone else’s banking license
short answer81 of the 382 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, Blink, Bluevine and Branch; all 81 are listed below with custody, license 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 81 partner-bank (BaaS) neobanks
| neobank | type | hq | custody | license / 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 | — |
| Blink | traditional | Amman, JO | Custodial | Bank-owned neobank on Capital Bank of Jordan's banking license | — |
| 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 | — |
| Brookwell | hybrid | New York, US | Custodial | Partner bank: Erebor Bank, N.A. (Member FDIC) | — |
| C24 Bank | traditional | Frankfurt, DE | Custodial | Full German banking license (BaFin); CHECK24 subsidiary | — |
| Cake | traditional | Ho Chi Minh, VN | Custodial | Partner: VPBank | — |
| 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 | — |
| Current | traditional | New York, US | Custodial | Partner banks (Choice, Cross River) | — |
| Dave | traditional | Los Angeles, US | Custodial | Partner banks (Evolve Bank & Trust, moving to Coastal Community Bank: new customers onboard via Coastal and existing accounts migrate within 24 months, announced March 2025) | — |
| Djamo | traditional | Abidjan, CI | Custodial | Microfinance license (BCEAO / Côte d'Ivoire MEF, Sep 2025 — first fintech); cards with partner banks | — |
| DNERO | traditional | Irvine, US | Custodial | Partner bank: Zenus Bank International (Puerto Rico, OCFI-regulated) holds deposits and issues the Visa debit card; not FDIC-insured; program manager Connect Fintech | — |
| Dolafy | hybrid | Brazil, BR | Custodial | Partner bank: Lead Bank (issuer); Bridge, a Stripe company (program manager) | — |
| 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) | — |
| 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 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 | — |
| 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 license (ECB/BaFin); Postbank rails | — |
| GetPlu | hybrid | Delaware, US | Custodial | Card program on partner institutions (Crossmint rails); not a bank or custodian itself | — |
| 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 | Tulsa, 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 license 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 license 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 license | — |
| Mahila Money | traditional | Delhi, IN | Custodial | No own license; 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 | — |
| 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 | — |
| Mercury | traditional | San Francisco, US | Custodial | Partner banks (Choice, Column); previously Evolve Bank & Trust, left 2024 | — |
| 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 license | — |
| Munify | traditional | Cairo, EG | Custodial | US accounts via partner banks; in-principle DFSA license 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 license | — |
| 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 license | — |
| 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 licenses | — |
| 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) | — |
| Takenos | hybrid | Buenos Aires, AR | Custodial | Fintech; stablecoin wallet on partner rails | — |
| 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 license, 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 license in Kenya (majority stake in Daraja MFB, CBK-approved 2022); Nigeria via partner bank | — |
| Up | traditional | Melbourne, AU | Custodial | On Bendigo & Adelaide Bank license | — |
| YAP | traditional | Dubai, AE | Custodial | Partner bank (Ruya Community Islamic Bank, CBUAE-licensed; formerly RAKBANK) | — |
| Yuh | hybrid | Gland, CH | Custodial | On Swissquote's banking license | — |
| 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 license: how many are there?
81 of the 382 neobanks tracked here are partner-bank (BaaS) neobanks. Every entry is verified active and listed on this page with its custody model, license detail and the regions it serves.
Which partner-bank (BaaS) neobanks are the largest?
Not answerable from public data: only 1 of these 81 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 license (132) · Neobanks operating under crypto and money-transmitter licenses (25) · Neobanks authorised as e-money institutions (49) · Neobanks authorised as crypto-asset service providers under MiCA (9) · Neobanks authorised as payment institutions (13) · Neobanks that never hold your money (53)
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.