Europe’s largest challenger banks are seeing slow user uptake in the US, new research shows. The European cohort is led by German N26 with 3.55% of the US digital-bank market, London-based neobank Revolut has secured 0.97% of the US digital market, and Monzo has 0.23%, made up of 20,000 waiting list downloads and its beta launch.
European challengers are also up against increasingly tech-savvy traditional US banks. Apptopia estimates that traditional banks like Bank of America, Chase and Wells Fargo saw 180% more new monthly mobile users than digital banks did on average, over the past six months. Even UK banking giant Barclays has been forced to scrap plans for an own-brand US digital bank after years in the works, a spokesperson confirmed to Sifted. The official confirmation follows earlier reports that hopes for the project had “fade[d]”, having proven “extremely expensive”.