A new report identified neobank Chime as the clear market winner with more downloads (6.4m) than the #2 (Current, 2.7m) and #3 (Varo, 1.95m) players. Step (#4, 1.94m), which focuses on teens, is the fastest growing and downloads are up 2980% YoY.
"We have not written about UK challenger banks since 2019 but three of them- N26, Revolut and Monzo have all entered the US market since then. While Revolut didn't make the cut, it would have been #11 and is virtually neck and neck with N26. The funny thing is its average daily downloads number in the US is trending up this year while those of N26 are trending down. Monzo is significantly below both and its trend line this year is flat so far," wrote Adam Blacker, a writer for Apptopia.