The digital‑only banking revolution has hit a major milestone: more than 100 million users now rely on branchless, app‑based banks for their everyday financial needs. From Latin America’s Nubank—the first neobank outside Asia to pass this mark—to Asia’s WeBank with its hundreds of millions of users, and U.S. firms like Chime and Chime reporting tens of millions domestically, the global appetite for seamless, mobile‑first financial services is undeniable. Digital‑only banks—also called neobanks or challenger banks—are thriving thanks to superior user experience, rapid onboarding, low fees, and the backing of advanced technologies like AI, blockchain, and cloud infrastructure. As traditional banks respond with their own digital offerings, the financial services landscape is shifting decisively toward a future without physical branches.

1. Latin America Leads: Nubank Breaks the Barrier

Brazil’s Nubank hit the headlines in May 2024 when it became the first digital bank outside Asia to surpass 100 million customers . With roughly 92 million users in Brazil, plus over seven million in Mexico and about one million in Colombia, Nubank’s growth illustrates both deep market penetration and inclusion—bringing nearly 22 million people into formal finance for the first time. In 2023 it also reached profitability, posting over $1 billion in net profit on $8 billion in revenue—unique among Western neobanks at that scale.

2. Asia-Pacific’s Dominance: WeBank and Beyond

Asia-Pacific remains the world’s largest market for digital‑only banking. In China, WeBank alone boasts over 362 million users, leveraging AI‑driven credit processes and scalable cloud infrastructure. India’s payments bank PayTM reports nearly 89 million users. Collectively, Asia‑Pacific accounts for roughly 60% of all digital banking users globally, anchoring the explosive growth of the sector.

3. North America & Europe: Tens of Millions Onboard

Across North America, U.S. firms like Chime (22 million users post-IPO June 2025) and Cash App (over 53 million users) illustrate robust digital banking momentum. In Europe, Revolut serves around 50 million users, while N26, Monzo, and Bunq each serve millions more—Europe accounts for about 12% of global neobank users. Younger demographics especially prefer neobanks: 46% of Europeans aged 18‑35 now use them as their primary financial provider.

4. Why Growth Is Exploding

Several factors are fueling this digital banking boom:

• Convenience & Experience: Instant onboarding, intuitive apps, transparent pricing, and 24/7 support drive high satisfaction—88% of neobank users report better service than from traditional banks.
• Technology Power: AI/ML, blockchain, and cloud infrastructure cut costs and speed deployment.
• Financial Inclusion: Neobanks are bringing unbanked populations into formal finance—especially in regions like Latin America and India.
• Traditional Banking Response: Incumbents are introducing digital subsidiaries or beefing up apps to stay competitive .

5. The Road Ahead: Towards Mainstream Financialization

By 2025, digital bank users reached approximately 3.6 billion globally, representing around 45% of the world’s population—and projections suggest continued steep growth, potentially adding several hundred million more users in the coming years . The sector’s market value is also surging—from $67 billion in 2024 toward over $722 billion by 2030. As profitability improves—61% of the top 100 digital banks were profitable in 2023, up from 48% in 2022—it’s clear digital banks are maturing financially .

🏁 Conclusion

Crossing 100 million users globally is more than a milestone—it’s proof that digital‑only banking has reshaped how people access financial services. Giants like Nubank and WeBank anchor regional growth, while challengers across North America and Europe continue scaling quickly. Enabled by cutting‑edge technology and a hunger for convenience and inclusion, neobanks are fast becoming mainstream—and poised to redefine global finance in the next decade. As they continue to evolve and collaborate—and even compete—with traditional banks, the promise is clear: a more accessible, inclusive, and technologically empowered financial future.