Digital-first challenger banks are employing mobile apps, APIs, software integrations, and more to recreate the consumer banking experience. They have sparked substantial investor interest, receiving a recordย $5.3B in equity funding across 138 deals in 2019.ย According to the analysis performed by this report ย includes venture-backed, privately held companies only.
Highlights:
- These top 10 challenger banks represent 5 countries across 3 continents. Notably, Europeโsย open banking regulationsย gave rise to the first wave of challenger banks, which includes England-basedย Revolutย and Germany-basedย N26.ย
- Latin America has increasingly invited fintech innovation, nurturing challenger banks like Brazil-basedย Nubankย and Argentina-basedย Ualaย โ both of which are included in our market map ofย 180+ fintech companies shaping the region.
- 6 of the 10 companies in our graphic haveย raised funding in 2020 so far. This has included 4 mega-rounds (deals worth $100M+).
Source:
