Neobanks Surpass Legacy Banks For The First Time

For the first time, UK neobanks have overtaken traditional banks in lifetime Android app downloads. SplitMetrics reports that neobanks reached 71.78 million users in 2024, ahead of legacy banks, which gained 71.58 million.

Revolut came first this year, adding 15.6 million new users, followed by Monzo with 1.8 million and Starling with 463,000. Traditional banks such as Lloyds and Barclays each gained just over 1 million users.

 

How Are Trading Apps Growing Globally?

 

Trading apps has their strongest year yet as they gained almost 11 million new Android users in 2024. This beats their previous high of 7.5 million 2 years ago. Collectively, these apps now have a total of 86 million lifetime users, with 22.8 million of these coming from the UK.

Top performers in 2024 included Trade Republic, which added 2.2 million users, and eToro, with 2 million. UK-based Trading 212 saw growth of 1.1 million new users, strengthening its position among global competitors.

 

Has the Crypto Sector Rebounded?

 

After struggling in 2023, the crypto industry recovered really well this year, and they added 5.6 million new Android downloads. It isn’t quite the 2022 high of 7.2 million, but it is progress, and shows renewed interest in digital currencies. European apps like Luno and Nexo led the way, adding 1.9 million and 1.5 million users.

One of the most exciting trends has been the growth of crypto AI apps, which blend artificial intelligence with cryptocurrency trading. These apps gained 556,000 new users in 2024, exceeding last year’s total of 322,000. Platforms such as uTrading and Pionex have attracted attention for their advanced automation features.

 

Why Are Money Management Apps Thriving?

 

Money management apps saw their best performance ever in 2024, adding 1.1 million new Android users. These apps, designed to assist with saving and budgeting, are proving essential for users aiming to organise their finances.

Plum added 357,000 users this year, and Moneybox brought in 299,000… These platforms give users tools, such as automated savings and spending tracking, that have reportedly become useful across different demographics.

People are increasingly turning to technology to take control of their finances. With record growth this year, this is expected to continue as more users start to use digital tools for everyday money management.

 

 

Have Predictions for Neobanks Been Accurate?

 

SplitMetrics had predicted that UK neobanks would surpass legacy banks in lifetime Android app downloads by early 2025. This forecast was achieved earlier than anticipated, as neobanks reached the milestone in December 2024.

Growth figures closely matched expectations, with neobanks expanding their user base by 33% in the first half of the year. Meanwhile, traditional banks grew their base by just 12%.

 

What Does This Mean for Fintech In 2024?

 

The UK fintech sector accounted for half of all new European mobile banking downloads during the first half of 2024. Downloads on Android devices went up by 23% compared to H1 last year, with Revolut adding 7.9 million new users alone.

Other areas of fintech, such as trading platforms, money management apps, and crypto solutions, also some strong growth. These tools continue to attract users who want smart and tech-savvy ways to manage their finances and investments.

Thomas Kriebernegg, General Manager, SplitMetrics Agency, said, “Finance is one of the most competitive sectors in the mobile market, and it encompasses all kinds of types of apps; from retail banking through investment and crypto to B2B services.

“With so many different players, it also makes it a very expensive category when it comes to user acquisition – as our report from earlier this year revealed. It is unsurprising as startups are disrupting the area, but we also have traditional banks catching up with consumers’ needs – and the latter have the user base for user acquisition.

“Our analysis of the retail banking space, however, shows that fintech is no longer a challenger but a dominant force in the industry. Will this growth continue into 2025 and beyond? Time will tell, but the work is not over for fintech apps – the hard work of retaining those hard-earned new users begins now.”