Digital Banks | 101

Not all neobanks are created equal.

They share the same ambition:
→ Become your primary bank
→ Become the super app for your financial life

But how they get there looks very different

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Where They Started

• Chime
  Launched as a checking account alternative for working-class Americans underserved by legacy banks.
  Value prop: get paid early, no monthly fees, no overdrafts, no BS.

• Cash App
  Began as a peer-to-peer wallet.
  Gradually expanded into debit cards, stock trading, Bitcoin, and buy-now-pay-later (Afterpay).
  Feels more like a “super app” for money management.

• Revolut
  Born in Europe to solve one problem: real-time FX without outrageous bank fees. “Stop getting fleeced on holiday.”
  Today, it offers banking, investing, business accounts, and travel insurance — all in one app.

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Are They Winning “Primary Bank” Status?

• Chime

  • 67% of its 8.6M active users use it as their main financial account

  • Over half of those users set up direct deposit

  • Best in class on engagement — arguably the wage bank for a big slice of America

• Cash App

  • 2.5M users receive direct deposit (as of Dec ‘24), which is ~4% of the 57M MAU

• Revolut

  • Pushing hard into salary deposits — added local IBANs, “Salary Sorter,” etc.

  • ~£480 average monthly inflow per user vs. ~£2,100 UK median salary, which implies most users still split finances: legacy bank (bills) + Revolut (spending, investing)

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Neobank Comparison Table

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Source: financial reports; IPO S1 (Chime)