Neobank apps like N26, Vivid, Ma French Bank, neon, Orange Bank, Bnext, Tomorrow and Lunar have gained a lot of traction in Europe. So, we used our App Watchlist platform to analyze eight of the most popular EU-based neobanks.
This past July, when we wrote about the seven most popular American neobank apps, we noted that there was a certain anxiety underlying much of the fintech landscape. Events like the great recession and the COVID-19 pandemic did much to erode the public trust in traditional financial institutions. At the time, moreover, we opined that this distrust manifested itself in things like the Wall Street Bets fiasco, the crypto-craze, and the rise of non-fungible tokens (NFT).
In any event, amid the clamor for decentralized and democratized financial institutions, the trend towards digital banking often goes unappreciated. Indeed, neobanks have quietly positioned themselves as alternatives to traditional banks. And because they have lower barriers to entry than their brand name counterparts, they’ve put the old guard on notice.
With this in mind, we decided to use our app intelligence solutions to investigate the most popular neobank apps headquartered in Europe. Here’s what we cover (click the links below to jump to the relevant sections):
- What Is a Neobank?
- The Top 8 Neobank Apps in Europe
- Analysis of the Top European Neobanks
- Global Downloads (January 23rd, 2022 - February 22nd, 2022)
- Average Rating (January 23rd, 2022 - February 22nd, 2022)
- Final Thoughts
What Is a Neobank?
Plainly put, a neobank is a digital bank that does not have any physical branches. That is, neobanks enable customers to organize their finances entirely via digital channels, such as mobile apps. They facilitate digital and mobile-first financial solutions, including payments, money transfers, money lending, and more.
Neobanks are also able to out-compete traditional banks on numerous levels. For instance, according to Sukhjot Basi, Co-Founder and CEO of Bank Yogi, neobanks benefit from maintaining lower barriers to entry than traditional banks. As such, they can provide banking services to individuals without a credit history, who lack stable employment, or who otherwise don’t qualify for traditional bank accounts.
The Top 8 Neobank Apps in Europe
1. N26 — The Mobile Bank by N26
- Short Description: Open a bank account from your phone in minutes. Manage your money in one app.
- Android Monthly Active Users (MAU) in January: 212,084
- 30-Day Android Downloads: 74,787
- 30-Day iOS Downloads: 44,059
- Headquarters: Germany
- Country Availability: Mostly global
2. Vivid: Investments & Banking & Crypto by Vivid Invest GmbH
- Short Description: Invest in fractional shares, Bitcoin and Crypto with no commissions
- Android Monthly Active Users (MAU) in January: 23,989
- 30-Day Android Downloads: 57,150
- 30-Day iOS Downloads: 30,901
- Headquarters: Germany
- Country Availability: Mostly global, but not the United States or Canada
3. Lunar - Bank by Lunar A/S
- Short Description: With Lunar you get full control over your money and financial zen in your life.
- Android Monthly Active Users (MAU) in January: 88,992
- 30-Day Android Downloads: 17,569
- 30-Day iOS Downloads: 25,702
- Headquarters: Denmark
- Country Availability: Denmark, Norway, Sweden
4. Ma French Bank by Ma French Bank
- Short Description: My 100% mobile bank.
- Android Monthly Active Users (MAU) in January: 11,125
- 30-Day Android Downloads: 20,103
- 30-Day iOS Downloads: 10,870
- Headquarters: France
- Country Availability: Mostly global
5. Orange Bank by Orange Bank
- Short Description: The bank now.
- Android Monthly Active Users (MAU) in January: N/A
- 30-Day Android Downloads: 9,964
- 30-Day iOS Downloads: 7,753
- Headquarters: France
- Country Availability: France
6. Tomorrow Mobile Banking by Tomorrow GmbH
- Short Description: Your sustainable bank account
- Android Monthly Active Users (MAU) in January: 3,249
- 30-Day Android Downloads: 9,382
- 30-Day iOS Downloads: 2,384
- Headquarters: Germany
- Country Availability: Mostly global
7. neon - your account app by neon Switzerland AG
- Short Description: No base fees, no card payment fees. Super simple. All on your smartphone.
- Android Monthly Active Users (MAU) in January: 3,317
- 30-Day Android Downloads: 4,692
- 30-Day iOS Downloads: 3,251
- Headquarters: Switzerland
- Country Availability: Mostly global
8. Bnext - La cuenta online sin comisiones ocultas by Marcandita S.L.
- Short Description: Buy with your card and get money without hidden fees.
- Android Monthly Active Users (MAU) in January: 14,475
- 30-Day Android Downloads: 2,908
- 30-Day iOS Downloads: 3,024
- Headquarters: Spain
- Country Availability: Spain, Albania
Analysis of the Top European Neobanks
Global Downloads (January 23rd, 2022 - February 22nd, 2022)
Android
In the chart above you’ll find daily global downloads for the Android versions of N26, Vivid, Ma French Bank, Lunar, Orange Bank, Bnext, Tomorrow, and neon. In particular, this chart depicts downloads between January 23rd, 2022 and February 22nd, 2022.
Please note also that global downloads are constrained by the country availability of each app. So, while Lunar’s global downloads represent Denmark, Norway, and Sweden, N26’s downloads come from a more global audience. To review the country availability for these apps, review the previous section.
In terms of total downloads, N26 led the way by a fairly large margin, with 34,626 downloads. Then came Ma French Bank (19,879), Lunar (13,345), Vivid (13,183), Tomorrow (9,838), Orange Bank (1,483), neon (972), and Bnext (497).
Likewise, N26 had the best single day performance, reeling in 5,949 downloads on February 19th. Vivid had the next best single day, with 4,748 downloads on February 3rd.The best single day performances for the other apps were as follows:
- Ma French Bank: 1,565 downloads on February 11th.
- Lunar: 1,172 downloads on January 28th.
- Orange Bank: 887 downloads on February 11th.
- Tomorrow: 791 on February 11th.
- neon: 354 downloads on January 28th
- Bnext: 147 downloads on February 6th.
iOS
This chart is just like the previous one, except that it focuses on the iOS versions of these apps. As before, it depicts downloads between January 23rd, 2022 and February 22nd, 2022. And, once again, global downloads are constrained by the country availability of each app.
Among iPhone users, Vivid, Lunar, and N26 were the big winners, notching 31,000, 25,876, and 18,238 downloads respectively. After them came Orange Bank (5,445), Ma French Bank (4,974), Bnext (3,173), Tomorrow (2,420), and neon (1,608).
While N26 consistently outperformed the other apps on a day-to-day basis, Vivid had the best single day over the past month, with 2,841 downloads on February 8th. The second best single-day performance was by N26, who had 1,954 downloads on February 18th. The best single day performances for the other apps were as follows:
- Lunar: 1,553 downloads on February 21st.
- Ma French Bank: 504 downloads on February 12th.
- Orange Bank: 364 downloads on February 16th.
- Bnext: 259 downloads on February 14th.
- neon: 200 downloads on February 10th
- Tomorrow: 102 on February 12th.
Average Rating (January 23rd, 2022 - February 22nd, 2022)
Android
Next up, we take a look at the average ratings for the Android versions of each app over the last 30 days.
Tomorrow consistently rated best among these apps, with an average rating above 4.7 stars. Ma French Bank, neon, and Orange Bank, meanwhile, also performed well in the ratings, with each app averaging above 4.3 stars.
Just Lunar and Bnext sit below 4 stars. Indeed, Lunar is floating in the 3.8 range while Bnext is trudging a hair below 2 stars.
iOS
Finally, here are the average ratings for the iOS versions of these apps over the last 30 days.
Once again, each app rates consistently in the 4 to 5 star range and Tomorrow, Vivid, and N26 typically rate highest. Just Ma French Bank fell below 3 stars, and even that was short-lived.
Notably, despite Bnext’s struggles on Google Play, the App Store version has performed notably better, floating just above 4 stars.
Final Thoughts
Competition in the mobile banking space is growing. As demand for democratized and decentralized financial tools increases, things will only get more heated. While American and English Neobanks like Chime and Revolut remain ahead of their European counterparts, there’s still a very clear path forward for apps like N26, Vivid, Lunar, and others. So, stay tuned — the best is yet to come!
