Biggest neobanks in Europe

Biggest neobanks in Europe

revolut A neobank is a financial institution that operates entirely online – it has no physical offices, branches or branches. It is a normal bank, but it does not interact with customers offline and generally does not lend to its customers. All interaction with a neobank occurs via the Internet: on the official website, through the app on a smartphone or by chatting with an online operator or by calling support.

The mass appearance of services in this format began around 2015 and every year neobanking occupies an increasing share of the financial services market in Europe – as of 2023 it is about 20% of the market of all financial services for money transfers. The largest share of neobanks in relation to traditional banks is 47% in Denmark, 31% in Germany and 26% in Italy.

In 2021, the neobank market was estimated at more than 51 billion euros, and in 2022 it rose to 73 billion euros. Experts estimate that the size of the financial services market will grow by more than 50 per cent per year until it reaches €2.2 trillion by 2030.

In this article, lawyers from Regulated United Europe would like to highlight the advantages of neobanks over traditional banks, as well as to make a review of the top ten neobank in Europe.

Biggest neobanks in Europe

Distinctive features of neobanks from traditional banks

Most neobanks use remote identification

The vast majority of non-Europeans use remote identification, but do it differently. The most common way is to download a photo document and a video selfie. Less popular is the BankID identification system – a transfer by IBAN from your account in another bank and a video call with a representative of the bank. neobanks are less demanding on additional customer documents and request them when needed or when payment limits are increased.

Advanced features available at a paid rate

Most neobank offers include a limit or no commission. Bunq went on and monetized individual app features. For example, joint accounts, budgeting, savings accounts and analytics are not available at the free base tariff. Bunq also integrates partners’ products and earns on paid access to them: for example, an investment savings account.

neobank help improve credit history

Customers with bad credit histories are denied credit by traditional banks. neobanks use it to attract additional customers. In order to improve credit history, the user is asked to make an installment or savings account, which cannot be withdrawn for a certain period of time. The customer pays monthly for the existence of such an account.

Gameplay motivates more spending

By doing more operations on the map, Bunq clients help save the planet. For every €100 spent, virtual trees are planted. It’s a complete game: you can team up, compete for trophies. In this way, the bank engages its customers in a long and active use of products and services.

Winning increases customer activity

Fintonic motivates the user to make more transactions and enter the app. A certain amount of transactions allows you to participate in the lottery and win up to €1,000. The winnings are credited to a separate account, the money can be withdrawn only if the amount is above €5. Each purchase is more than €1 = 1 chance to spin the «wheel of luck».

Learning involves in complex financial instruments

Users are rewarded for watching investment videos and taking tests. Levels and progress are counted as cups and replenishments on the account. The benefit for the bank is to reduce the barrier to new financial instruments and to involve in their use, and therefore additional earnings in the future.

Step-by-step design retains interest in the product

Consistent questions help to identify the most appropriate package from a risk perspective. The next stage – testing for compliance with the requirements of the regulator: tax residence, income and its distribution, knowledge of the investment market. If the test fails, it can be repeated.

User-friendly interfaces and modern communications

Traditional banks often look out of date especially when used with a smartphone. neobankers use animated icons and banners, simple language, and modern formats. Informal friendly communication concerns both the interface as a whole and communication with the customer service or FAQ.

Major centers of advanced financial technology in Europe

Europe boasts several centers of financial technology. According to research, the leading European countries with the largest number of neobank users are the UK, Germany, France, Italy and Spain. However, taking into account the number of EMI (e-money organizations) operating in the region, the situation is slightly different: Great Britain, Lithuania, Malta, Ireland and France are among the top five. The UK and Lithuania together account for almost 65% of Europe’s market share.

London stands out as the absolute leader on the European continent, and Vilnius unofficially leads the EU in the total number of neobanks. This trend is indicative of a loosening of geographical boundaries in the fintech industry, as modern business clients are less and less tied to their country of residence and are willing to use financial service providers from other countries. Since English is the main language of most apps, personal account and support services, language barriers are no longer a problem for neobank clients.

Among corporate financial services, there is a growing tendency to select banking providers based on both convenience and cost of use. Lithuania, in particular, offers a number of EMI, which provide highly competitive services with a full range of financial offers at much more favorable rates than traditional banks. This shift in preferences demonstrates the growing importance of the introduction of fintech solutions that go beyond geographical constraints to improve convenience and cost-effectiveness.

Non-European banks with more than 1 million customers are located in the following countries:

  • UK (Revolut, Monzo, Curve, Starling Bank, Monese, Tesco Bank);
  • Italy (Hype, Fineco, ING, Nexi Pay, Inbank, Mooney);
  • Germany (N26, Comdirect, DKB, ING, Vivid);
  • France (Lydia, Nickel, Boursorama, Bankin);
  • Spain (Imagin, Openbank, Fintonic);
  • Netherlands (Bunq);
  • Belgium (Wise);
  • Ireland (Payoneer);
  • Romania (NeoBT).

The study showed that neobanks integrate into their applications payment services for cheap cross-border payments and transfers with advantageous currency conversion.

In addition, non-Europeans offer the following unique services:

  • British Revolut allows you to issue virtual one-time cards to securely make payments online, donates cryptocurrency for cryptocurrency courses
  • British Starling offers to transfer money by geolocation, similar to AirDrop, which works through bluetooth.
  • Dutch Bunq allows you to group application clients together and perform operations (for example, collect money or split an account).
  • German N26 cooperates with customers even with bad credit history.
  • the Spanish Fintonic allows you to tie a card to a third-party bank.
  • Lithuanian Paysera allows cash withdrawals in stores by generating bar code as well as buying tickets and investing in precious metals inside the app.

Lawyers from Regulated United Europe can assist you in obtaining an EMI/PSP licence in Europe or a banking licence in Europe in order to close a project like the companies listed below.

10 most popular neobanks

Below is a list of popular neobanks, taking into account the number of customers as of 2023.

revolut

Number of customers: 25 500 000

Country of Incorporation: UK, Lithuania

Launched in 2015, Revolut is Europe’s largest neobank with over 25 million customers worldwide offering services such as opening private and corporate accounts with IBAN numbers, debit cards, currency exchange and investment products.

Revolut provides the service of opening online accounts. The use of virtual maps is widely practiced.

Advantages of Revolut:

  • maximum user-friendliness of the interface;
  • MasterCard virtual and physical cards. The virtual card of the European bank is suitable for those who pay only online or who do not need plastic – it is tied to Apple Pay and Google Pay.
  • low fees for online shopping;
  • additional personal account functions not available in most traditional bank applications;
  • high rating on customer feedback;
  • investment opportunity. Revolut ecosystem is built-in trading application through which you can buy shares from the New York Stock Exchange;
  • cryptocurrency trading. There are 30 coins available for purchase, among them: Bitcoin, Litecoin, Ethereum, Dash. and so on
  • accounts for children. You can open an account for the child and monitor his payments, or put a spending limit for a day or a month.

wise
Number of clients: 16,000,000

Country of Incorporation: Belgium

Kristo Käermann and Taavet Hinrikus founded TransferWise in 2011. The company has its headquarters in London and offices in Tallinn and New York.

TransferWise received funding from prominent investors such as Andrissen Horowitz, Index Ventures and Richard Branson. In the first round, they raised $1.3 million from IA ventures.

With a Wise multi-currency account, you can send, spend, and receive money in more than 50 currencies. The money will be converted at the real exchange rate, which will help to avoid hidden charges for overvalued exchange rates. International payments are up to 14 times cheaper than PayPal, and you can receive money in USD, EUR, GBP, NZD, AUD and SGD free of charge by the details of your own local account – Wise’s mission is to make cheap, transparent and convenient and legal money movement around the world.

If you average the ratings of users for the service and convenience of the Internet bank Wise, the rating of this financial and technological company will be the highest. Customers note such advantages as:

  • low service fees – one-time transfer fee;
  • 50+ different currencies in one account and the ability to convert between them at the average market exchange rate.
  • remittances to 80 countries worldwide
  • the ability to receive international payments from the United Kingdom, Eurozone, USA, Australia, New Zealand and Singapore without fees, using the details of their local bank account
  • usability, transparency of tariffs;
  • available debit business cards, so you can pay anywhere at the average market exchange rate
  • the minimum information for payment – to transfer money abroad to an individual, you do not need to know his account number.
  • customer service around the world via phone, email and live chat
  • Wise is well suited for business owners who build businesses without borders

n26
Number of clients: 8,000,000

Country of Incorporation: Germany

The N26 is a new generation of virtual financial services for individuals that are offered through a smartphone app. You can also login to the online site using the same login data as in the app. Please note that you will receive a two-factor authentication notification to your phone before you can log in online. In addition, within a few days after opening an account you will receive a physical card – Mastercard, which is tied to your account and will be sent to your home.

Pros:

  • low-cost debit card maintenance, almost free for everyday use
  • no hidden fees for using financial services within the application;
  • user-friendly mobile application with many additional non-standard features;
  • presence of real affiliates in the EU;
  • ability to easily conduct international transactions;
  • instant transfers between most accounts within the EU;
  • online purchases are protected by two-factor authentication
  • integration with Wise for international money transfers;
  • accounts N26 You and N26 Metal provide clients with medical travel insurance;

The N26 provides 100,000 euros of protection against possible bank bankruptcy, which corresponds to the level of other EU banks.

From the shortcomings of N26 it is possible to distinguish a commission of 1.70% for cash withdrawals in ATMs abroad and the inability to open corporate accounts.

monzo
Number of customers: 7,000,000

Country of Incorporation: UK

Monzo is a neobank based in the UK that offers personal accounts , accounts for teenagers , business accounts, including debit cards, with all transactions managed by iPhone or Android application.

Monzo was one of the first mobile banks in the market based on the smartphone app. Launched back in 2015 with the only product – MasterCard bank card, which can be replenished through its application and used for free international transfers.

At the moment, Monzo has integrated into its application the payment service Wise, which allows you to transfer funds to customers in 34 countries at the exchange rate, which is calculated online.

The neobank has a PRA and FCA license in the UK, and deposits are protected by the FDIC. User accounts are fully protected using separate user accounts as well as HTTPS and 3-D Secure card.

Benefits of Monzo

  • Monzo is a convenient and easy-to-use application that has many tools for saving, managing and spending money;
  • Monzo is registered with the Financial Conduct Authority (FCA) to ensure full protection of deposits along with other security features;
  • You can earn interest on your savings to increase them slowly;
  • Monzo allows you to create joint accounts, which is convenient if you start a family or want to share costs with your partner;
  • cheap international transfers thanks to the integration of TransferWise service into its application.

Drawbacks of Monzo

  • free withdrawals from ATMs abroad are limited to £200 for 30 days;
  • available only in the UK;
  • is not supported to replenish debit and credit cards with cash.

lydia

Number of customers: 5 500 000

Country of Incorporation: France

Lydia Solutions is a French mobile payment fintech company established in 2011. Now Lydia is a neobank based in France offering personal accounts, including a debit card, with all transactions managed through an iPhone app or Android. Currently, Lydia offers to open mobile bank accounts for residents of France, Belgium, Germany, Ireland, Italy, Luxembourg, Monaco, Portugal, Spain, Great Britain and other European countries.

To monetize its user base, Lydia diversified its offer: microcredit, savings, current account bank card and, more recently, trading (stocks, ETF, cryptocurrencies and precious metals). For each feature, Lydia charges a fee or subscription for an account with extended functionality.

With Lydia you have a current account with French IBAN and a Visa card to manage all your daily expenses. Free overseas transactions, savings at 0.6% or more, secure online payments, instant loans: all at your fingertips, right from your Lydia app.

Visa Lydia card is an instant debit card designed for payment in stores and on the Internet, as well as for withdrawal of funds in ATMs. This allows contactless mobile payments as it is compatible with Apple Pay, Google Pay and Samsung Pay. No additional fees are charged abroad.

Lydia Visa does not charge a fee for payments and withdrawals in foreign currency. Create free one-time virtual card numbers for secure online shopping to keep your master card information safe.

Lydia virtual maps can be created in 2 minutes. Virtual cards are created instantly from an easy-to-use Lydia mobile app. Automatically generate your virtual card in two touches of the screen, and it will be ready for use: it has its own number, validity period and CVV security code.

Express loans to assist, distribute or optimize costs. Lydia gives you access to loans worth 100 to 3000 euros directly from the app and without any documents. You can get the money immediately with an instant deposit and use it at your discretion.

imagin

Number of clients: 4,000,000

Country of Incorporation: Spain

With Imagin, you can access a variety of benefits: commission-free accounts, no-fee cards, savings and financing solutions, as well as exclusive discounts, philanthropic and environmental activities, and more.

Imagin cards give you access to more than 13,000 ATMs in Spain, and you get very favorable terms when using ATMs abroad.

In addition, Imagin card is ideal for travel around the world – withdraw money for free from more than 13,000 CaixaBank ATMs. Savings, investment and financing are all available through the Imagin app. Your purchases will appear instantly in your account, and the funds will be written off within 48 hours of confirmation.

Pay for any purchase you wish within 2 months without interest on the loan. Pay in any currency and withdraw cash at ATMs anywhere in the world without any commission from Imagin party.

The Imagin Youth Card is more than 60,000 discounts for cultural events, sports, transport, travel, as well as free insurance for international travel and courses and scholarships abroad.

Imagin Life Insurance Program

  • Fixed monthly premiums for the first 3 years.
  • For critical diseases such as cancer or heart attack, Imagin pays 50% insurance capital.
  • Double indemnity for accidental death or total disability resulting from an accident.

Imagin Home Insurance Program

  • once a year the opportunity to restore order in your home with the help of free service – cranes, windows, blinds, etc. .
  • great possibilities for water problems not to become a problem – flooding, pipe breaks, cracks in the seals of baths, etc.
  • if your keys are stolen, Imagin will change your lock

In addition, Imagin actively supports ecology and creates various volunteer programs, planting trees, organizing plastic harvesting and more.

curve

Number of clients: 4,000,000

Country of Incorporation: UK

Curve combines all bank cards into one to simplify payments and save your money. By adding your debit and credit cards to the Curve, you are opening up a number of financial opportunities.

Find out how much you spend in all your accounts, using Curve analytics, alerts, and notifications. A chart of your costs will show you what you spent when you spent and where you spent it.

You will receive (optional) notifications every time you spend money, and will be able to check your data in the app to get a breakdown by category of your transactions for each card.

Paid with the wrong card? Anyway, rewind back. Switch payments from one card to another within 30 days after payment.

Curve creates products to simplify the task and to simplify work with personal finances. From cost statistics to instant cashback and the best exchange rates on the market – all the benefits you get with Curve for each card you add to your Curve wallet. Just touch the transaction you want to move, select «Go back in time» and swipe your finger on the card you want to pay. Adding debit and credit cards is safe and easy. Curve uses security at the bank level, and no confidential data is ever stored on your phone. Simply enter your card data or scan it to download it into your Curve digital wallet. For added security, Curve always asks you to authenticate your cards.

Get up to 40% cashback

Pay once, earn twice

Have you cashback your bank or credit card yet? You’re lucky you can now get extra cashback when paying with the same cards via Curve. Spend Curve Cash as much as real money. Cashback is earned either in Curve points or in electronic money, but your balance will always be displayed in real currency. 1 point = 0.01 pounds sterling.

Cashback received through 1% cashback or advertising activity is expressed in points. Cashback received through Rewards can vary. If the refund is made in Curve Cash, it will always be in electronic money. Points can expire after 6 months, while electronic money is well protected and their validity never expires.

Curve is available to residents of the UK and the European Economic Area. Curve only supports Mastercard, Visa, Diner and Discover debit and credit cards. Google Pay and Samsung Pay are not available in all countries, and depending on your device (Apple, Google, or Samsung) may have software or device restrictions.

A 1% cashback for Curve Black subscribers in 3 selected retail stores and Curve Metal subscribers in 6 selected retail stores for the subscription period. The Go Back in Time feature applies to transactions up to £5,000. If you lost your phone, download Curve from another device and block your card there.

For UK customers, FSCS protection does not extend to funds held on your Curve Cash Card, and in exceptional circumstances your funds may be at risk.

starlink
Number of customers: 3,000,000

Country of Incorporation: UK

Starling Bank is a fully regulated bank account in the UK, 24-hour customer support in the UK and the ability to open an account in minutes.

No monthly payments at all.

Whether you have a personal or corporate account

100% digital registration.

Apply in a few minutes from your phone.

Round the clock customer support in the UK.

Talk to real people anytime.

Fully regulated bank account in the UK.

Your money is covered by a financial services compensation scheme.

Everything you receive from Starling Bank

  • monthly unpaid bank account
  • 25% AER* / 3.19% gross* (variable) interest rate on balance up to £5000 (personal and joint accounts)
  • 100% digital registration
  • 24-hour customer support in the UK
  • financial services compensation scheme protection
  • instant payment notification
  • no commissions abroad
  • mobile and online banking
  • all costs are categorized
  • ability to pay cash at the post office (fees are charged for corporate and private clients)
  • mobile cheque deposits
  • instant lock if necessary
  • split score

Personal account

Apply within minutes to receive instant payment notifications and classified cost information. Create goals to save money, separate accounts and do everything you are accustomed to doing in the bank branch, on your phone.

Accounts of legal entities and individual entrepreneurs

No monthly payments, 24-hour customer support in the UK and a simple app. 500,000 British businesses are relinquishing administration and managing their finances with Starling Bank.

Multicurrency accounts

One card: several currencies. Make and receive multi-currency payments for business and personal banking transactions with access to the real exchange rate and without hidden fees.

As a proven bank, Starling Bank is committed to contributing to climate change and environmental protection. In order to reach net zero, the Neo-Bank is working towards the goal of reducing carbon dioxide emissions by one third by 2030 and is committed to annually offsetting CO2 emissions.

nickel
Number of customers: 3,000,000

Country of Incorporation: France

Nickel is a French neobank serving over 3 million customers. The company was founded in 2014 by Riad Bulanuar and South Le Bret to make the society more financially literate and involved. Their motto was to give everyone an account. As the success outgrew their personal ambitions to create a profitable business for 150,000 customers, they sold the startup to BNP Paribas in 2017.

Nickel now has operations in France and Spain, and in 2022 they added Portugal and Belgium.

Nickel is open to everyone, online through the website and app. In addition, Nickel expects an extensive physical distribution network consisting of 6,000 outlets, mainly tobacco shops in France and the National Lottery in Spain.

The recent partnership with Onfido allows Nickel to provide services to customers with more than 190 different passports, resulting in a monthly adaptation of 5,000 foreigners, which is about 10% of the total customer base.

Nickel has three types of clients:

  1. clients excluded from traditional banks
  2. customers who are looking for a simple offer without hidden fees or risky account overdrafts (the average annual cost of daily banking in France is 250 euros, and for 20% of the lowest paid customers it can be up to 420 euros)
  3. customers looking for a safe, convenient and inexpensive alternative to international travel and e-commerce

For EUR 20 per year, Nickel’s customers have access to all the basic spending and money collection needs for basic everyday banking operations, including international debit card MasterCard, settlement account without overdraft, as well as all the necessary tools to carry out and monitor bank transactions in real time.

A tariff list of less than 20 lines illustrates the importance of simplicity and transparency for Nickel.

Nickel is simple and practical. Every innovation and product development is accompanied by a reflection on the convenience of their services, as Nickel strives to make its customers more financially literate.

Perhaps the strongest argument is Nickel’s model of partnership with local communities and associations such as Les Restaurants du Coeur, Action contre la Faim.

Nickel’s core features

  • 1 account 1 card for 5 minutes;
  • Mastercard debit cards from standard to premium from EUR 20 per year or EUR 1.6 per month;
  • No income requirements for citizens of 190 States;
  • real-time transactions, no hidden fees and overdraft;
  • Mastercard
  • mastercard insurance;
  • withdrawal of funds from all ATMs and Nickel Points in Belgium;
  • exclusive insurance and assistance in everyday life and travel;
  • favorable rates for withdrawals abroad;
  • the ability to send money anywhere in the world directly from the Nikel application;
  • the ability to withdraw money in millions of ATMs with a Mastercard or withdraw funds directly at one of the Nickel Point points throughout France and Belgium;
  • the ability to take advantage of all the advantages of Nickel card with Apple Pay on iPhone, Apple Watch, iPad and Mac. Apple pay is simple and compatible with all devices. Customer data is secure: they are not stored on the device and are not transferred during payments.

monese
Number of customers: 2,000,000

Country of Incorporation: UK

Monese Business is a neobank based in the UK offering personal and business accounts, including a debit card, with all transactions managed through an iPhone or Android app. Monese Business currently accepts the opening of mobile bank accounts for UK residents.

The Monese system is convenient for those who often use European, Romanian or British currency. Suitable for both business and account opening for individuals.

Benefits of Monese

  • you can register an account from other countries without any legal connection with the UK or the EU;
  • translations are available in more than 30 countries
  • support for virtual maps and joint accounts in the UK.

Create your credit history and save money with Credit Builder to improve credit ratings, get better loans, and access other Monese credit products for a secure financial future

Protect bills and purchases that you pay through your Monese account, including electronic devices. Join one of our pay plans.

Open online accounts in different currencies to use them abroad as a local resident. Transfer money free when you send between Monese accounts, regardless of country or currency. Send and receive money via Faster Payments in the UK instantly and without any fees.

Move money abroad to more than 30 countries at excellent international exchange rates. This is fast and can cost much less than sending traditional banks. Be assured that your money is safe with us as security is at the heart of everything we do.

Link your Avios and PayPal accounts to track your money, balance, points and transactions in one place. We will notify you whenever any of your accounts are active.

Contact the multilingual support service and use your app in 15 languages: English, French, German, Brazilian, Portuguese, European, Portuguese, Bulgarian, Italian, Spanish, Romanian, Polish, Czech, Turkish, Estonian, Lithuanian and Ukrainian.

Neo-banks worth paying attention to

In addition, the financial specialists of our company would like to highlight the following neobanks, which in its view have undeniable properties.

bunq
Country of Incorporation: Netherlands

Bunq was founded in 2012 and operates in 30 European countries, offering services such as opening personal accounts, debit cards, currency exchange and savings, and since 2023 has expanded to the US market.

Bunq service owners emphasize active participation in environmental projects, particularly in the fight against global warming, which is important for many European customers. Thus, this neobank offers customers the opportunity to participate in the reduction of carbon dioxide emissions.

Bunq Advantages

  • among the first to introduce innovative solutions;
  • the application differs in a lot of useful features that many other neobank;
  • affordable international transfers are available;
  • the savings account balance is automatically accrued interest;
  • there is a possibility to combine Bunq clients in the application into a group and to perform operations together (for example, to raise money or split an account).

Company history

March 2012

After the economic crisis, a group of ambitious innovators decided to radically change the banking industry and became the first neobank in 35 years to obtain a European banking license.

November 2015

Public Launch. After years of hard work on infrastructure setup, mobile application development and testing, the company finally released Bunq to the general public.

October 2019

Expansion in the EU. Initially expanding its activities to selected European countries, Bunq decided to open its doors to all European Union markets.

July 2021

Bunq becomes a unicorn – successfully completes the largest ever round of Series A by a European fintech company. With an investment of EUR 193 million, which led to an estimate of EUR 1.6 billion.

December 2022

The first EU neobank to become profitable. Bunq reaches another important milestone, becoming the first profitable neobank in the EU.

July 2023

Expanding our global vision, we have announced our bid to enter the US market by applying for a bank license.

Payoneer

Ireland

Payoneer is a neobank provider of financial services and online money transfers. Payoneer is a registered MasterCard provider (Member Service Provider) worldwide. The company is headquartered in New York City. In June 2021, Payoneer became a public company and was listed on the NASDAQ stock exchange. Payoneer has seven licenses worldwide, including in Europe, Japan, Australia, India and Hong Kong, as well as in 51 states and territories of the United States. Over 5 million customers worldwide use Payoneer daily to send and receive payments.Payoneer is positioning itself as an international payment system. Payoneer customers are offered transfers and international payments in different currencies.

Payoneer’s Main Advantages

  • low-cost services, low transfer fees;
  • zero commission for online shopping;
  • there is an opportunity to use the service Global Payment, which allows you to accept payments from abroad from any companies or online sites to your personal account;
  • the convenient application allows viewing the current balance in USD or in the currency units of the host country;
  • in «History» at the request of the user is formed monthly extract from each of the completed transactions, which is very convenient and allows to control your income and expenses;
  • there are no commissions for internal transfers.

Benefits of using Payoneer

The advantages of using Payoneer include the following factors that are popular with users:

  • international bank payments take extremely short time and are not subject to any technical difficulties. They are easily tracked, and to make a payment do not need to request funds from the other party, which is very convenient. Payments are made by invoice or transfer. Connect the service to receive payments on the site, like Stripe, Paypal, Shopify Payments, is not possible, but Payoneer is often used to withdraw funds from similar systems;
  • there is an opportunity to use the service Global Payment, which allows you to accept payments from abroad from any companies or online sites to your personal account. The transaction details are provided;
  • formation of a payment request in your account: filling in the date when payment, e-mail, description and payment amount was formed. In addition, you can attach other documentation if necessary. Your account is also used to track the request;
  • in any difficult situation, the system ensures the safety and security of their clients’ money. Payoneer takes care of the reliability of its service;
  • thanks to the convenient application, you can view the current balance in USD or in the currency units of the host country.

Paysera

Lithuania

Paysera is a payment system similar to online banking that provides IBAN with a Visa account and card. The company has been operating for 18 years and during this time has been able to reach more than 200 countries. The platform provides services to both individuals and businesses.

Paysera fortune

  • IBAN account with free and instant transfers in the SEPA zone
  • SWIFT transfers worldwide at lower rates than in banks.
  • withdrawal to the Webmoney system in USD for 0.8% + € 0.29.
  • deposits and cashes in poker rooms, casino, betting, Forex without restrictions and blocks.
  • converting currencies at a better rate than in banks. Currency exchange on Paysera’s multi-currency account (30 currencies) is done in just a few seconds.

Paysera History

The history of Paysera began in 2004 with the first three specialists who founded the company Elektroniniai verslo projektai UAB in Lithuania. The company’s head office is still located in Vilnius, but the number of employees has increased by 50 times and has already exceeded 150 people.

Today, neobank Paysera is a quality online payment service that serves personal and business customers. The company keeps up with the times, actively expanding the range of services provided. Paysera users can not only make payments and pay for purchases in online stores, but also receive a new contactless Visa physical payment card, withdraw cash, use a mobile application, pay via Google Pay and Samsung Pay.

The number of Paysera customers has already exceeded 700,000. Paysera provides services in more than 200 countries. In 2022 alone, users of the platform made over 6 million transfers in more than 20 currencies worth €6.52 billion.

With the company growing and its revenues. Despite the crises and force majeure circumstances, between 2017 and 2021, the service managed to increase its revenues almost twice: from €7.6 million to €13.2 million.

Paysera Account Types

Paysera has two types of accounts:

  • personal account. Intended for individuals who use Paysera account for personal purposes.
  • business account, or corporate. Intended for use within the framework of the company’s business activities.

In addition, owners of personal and business accounts from EEA countries can obtain a Paysera Visa payment card. The option is available for clients over 16 years of age who have registered and been identified at the site. One person can receive up to five payment cards: one of them will be the main, the rest – additional. Business clients, ordering a card, in the account must specify the data of a private user who is the representative of the company and will continue to use the card. You can get a plastic jacket by mail or courier service.

Currencies Support Paysera

One of the most important advantages of Paysera is the availability of a wide range of currencies for transactions. The company services payments in more than 30 types of currencies worldwide, including: USD, CZK, EUR, CHF, etc.

In your account you will find the current exchange rates within the Paysera system. They may differ from official central bank exchange rates. You can convert currency directly into your user account without using additional services

Paysera Benefits

The popularity of the service is due to the advantages that it provides to personal and corporate customers:

  • support of online and offline payments worldwide;
  • possibility to withdraw money from ATMs;
  • Simple Paysera interface: How to use the system, even an inexperienced customer can intuitively understand;
  • comfortable personal account;
  • availability of a mobile application;
  • support payments in Google Pay and Samsung Pay systems;
  • favorable rates and exchange rates, low fees, free transfers within the internal system;
  • possibility to draw up a payment card;
  • high degree of data protection of users.

Paysera is a reliable payment service with many possibilities for individual and business customers. A large selection of currencies, the presence of different accounts for individuals and businesses, favorable tariffs for transactions make the system one of the most popular worldwide. Users of different countries choose Paysera, reviews of real customers confirm this, as well as the quality of the multicurrency service.

Conclusion

Regulated United Europe has been conducting research on digital banking services and leading neobanks in Europe for more than 5 years. Our company has developed its own system of neobank evaluation, which allows us to get a full understanding of the quality and convenience of products, services and services. The rating system is not tied to the opinion of one specialist and takes into account a large number of characteristics and metrics.

If you are interested in launching your financial project in Europe and would like to offer services as the above companies, lawyers from Regulated United Europe can accompany you at all stages of licensing or offer ready-made solutions.

FREQUENTLY ASKED QUESTIONS

A neobank is a type of digital bank that has no physical branches and exists solely in an online format. These banks offer traditional banking services such as account opening, transfers, and card issuance, but do so entirely through mobile apps and web platforms. Here are the main aspects that characterise neobanks:

  1. Digitalisation: Neobanks operate entirely in the digital space, allowing customers to manage their finances through a mobile app or website.
  2. Low fees and high availability: With no physical branches and lower operating costs, neobanks often offer lower fees and more favourable terms than traditional banks.
  3. Usability: Neobanks focus on providing a user-friendly and intuitive user interface. They endeavour to simplify banking operations and make them easier to understand for users.
  4. Innovation: Many neobanks offer innovative financial products such as personalised savings plans, automatic investing, integration with other financial services and more.
  5. Security: Neobanks take security seriously and often use advanced technologies to protect customer data, such as multifactor authentication, data encryption and biometric technologies.
  6. Target audience: Neobanks often target a young audience that is digitally active and values convenience and speed of service.

Neobanks continue to gain popularity due to their ability to offer convenient, fast and innovative financial services. They are changing the traditional view of banking and creating new opportunities for customers around the world.

Neobanks represent a new era in financial services, offering a number of advantages over traditional banks. These advantages make them an attractive choice for many customers, especially those who value convenience, innovation and efficiency. Here are the main advantages of neobanks:

  1. Convenience and accessibility: Neobanks offer 24/7 services through mobile apps and web platforms. This means that customers can fulfil their financial transactions anytime and anywhere without visiting physical branches.
  2. Low or no fees: The lack of physical branches and reduced operational costs allow non-banks to offer services with low or no fees. This may include lower fees for account maintenance, transfers and other transactions.
  3. Fast account opening and management: The process of opening a neobank account often takes only a few minutes and can be done entirely online. Account management is also simplified through intuitive interfaces.
  4. Innovative financial products: Non-banks are often at the forefront of innovation, offering products and services that may not be available from traditional banks. This can include unique savings instruments, investment platforms, cryptocurrency services and more.
  5. Personalised approach: Non-banks often use data to provide personalised advice and tips on managing finances, which can help customers take better control of their money and achieve financial goals.
  6. High level of security: Using the latest encryption and security technologies, neobanks offer a high level of protection for customer data and funds. This may include multi-factor authentication, biometric verification and continuous monitoring to prevent fraud.
  7. Focus on customer experience: Non-banks strive to offer an exceptional customer experience by focusing on design, usability and quality of service. This means that customers often have a faster and more enjoyable experience compared to traditional banks.

Neobanks continue to evolve and offer more unique and attractive options for today's users. Their advantages make them an attractive choice for those looking for more convenient, cost-effective and innovative financial solutions.

In Europe, the country with the largest number of neobanks is the UK. London is often referred to as the fintech capital of Europe and is where many well-known neobanks such as Revolut, Monzo and Starling Bank have emerged and developed. The region is favourable for fintech development due to innovation-supportive legislation, a large pool of tech and finance talent, and an active capital market. The UK attracts startups from all over the world, offering them a favourable environment for growth and development.

Lithuania is also a prominent player in the European fintech space and has a significant number of neobanks. The country has become an attractive destination for fintech companies due to its progressive regulation, innovative government and ambition to become the leading fintech centre in the region. Lithuania offers simplified licensing procedures for banks and e-money institutions, making it attractive to neobanks and other fintech startups looking to operate in the European Union. The Bank of Lithuania has introduced a special "regulated sandbox" that allows new fintech companies to test their products and services in a controlled environment before fully entering the market. This not only lowers barriers to entry for new players, but also promotes innovation in the financial sector. In addition, Lithuania attracts foreign fintech companies due to its strategic location, skilled professionals and relatively low operating costs. As a result, the country has become one of the leading fintech centres in Europe, attracting neobanks and other innovative financial start-ups from around the world.

At the time of my last update in April 2023, the largest neobank in Europe was considered to be Revolut. Founded in 2015 in London, Revolut has rapidly expanded to become one of the most recognisable and widely used neobanks in the world. The company offers a wide range of financial services including bank accounts, commission-free currency exchange, cryptocurrency transactions, insurance and other products.

Revolut stands out for its innovative features, global reach and constant endeavour to expand its product and service offerings. This has attracted millions of users worldwide and made it one of the most valuable and fastest growing fintech startups in Europe.

The first neobank in Europe to start offering its services was Simple. Founded in 2009, Simple was one of the first banks to completely abandon physical branches and offer a fully digital banking experience. Although Simple was founded in the US, it was also a significant event for the European market, as it laid the foundations for the future development of neobanks around the world, including Europe.

In Europe, one of the pioneers in neobanking was Germany's Fidor Bank, founded in 2009. Fidor was one of the first in the region to offer fully digital banking services and focused on integration with fintech services and public outreach to customers through online communities.

These early neobanks played a key role in the development of digital banking and shaping the neobanking market as we know it today.

Wise (formerly known as TransferWise) is known for its extensive offering of currency services. Starting as a money transfer service, Wise has expanded its services to become one of the leading platforms for international financial transactions, offering one of the broadest currency options among non-banks and fintech platforms.

Unlike traditional banks and many other neobanks, Wise allows users to hold and exchange money in 50+ currencies, offering competitive exchange rates and transparent fees. This makes it particularly popular with international travellers, expats and businesses dealing with multiple currencies.

In addition to the ability to hold and exchange multiple currencies, Wise also offers feature-rich bank accounts, debit cards, international transfer capabilities and currency risk management tools. The platform is constantly evolving in an effort to improve the accessibility and efficiency of cross-border financial transactions for its users around the world.

Determining which neobank offers the best exchange rate can be difficult, as it often depends on many factors, including currency pairs, transaction size and transaction time. However, some neobanks and fintech platforms are known for their competitive rates and low fees:

  1. Revolut: Often offers some of the most competitive exchange rates, especially for major currencies. They offer exchange at the real rate without markup during business hours, although some transactions may incur small fees on weekends as well.
  2. Wise (TransferWise): Known for its transparent and competitive exchange rates. Wise offers currency exchange at the average market rate, which is often more favourable than traditional banks and many other services. Commissions are known in advance and shown before the transaction.
  3. N26: This neo-bank also offers currency exchange services, especially favourable for European currencies. For debit card transactions abroad, N26 does not usually charge additional fees.

When choosing a neo-bank for currency exchange, it is advisable to consider not only exchange rates, but also other factors such as transaction fees, speed of transaction processing and overall user experience. In addition, exchange rates can change constantly, so it is always a good idea to check the current conditions immediately before making a transaction.

Most neobanks offer free account opening, which is one of their key advantages over traditional banks. Here are some popular non-banks that typically do not charge a fee to open an account:

  1. Revolut: This unbank offers free standard account opening, although fees may apply for some additional services and premium accounts.
  2. N26: N26 offers easy and fast online account opening with no fees, although monthly fees may apply for more advanced accounts with additional features.
  3. Monzo: Users can open an account with Monzo for free and use basic banking services at no extra cost.
  4. Starling Bank: This neobank also offers free account opening and management through a mobile app.

Please note that terms and offers are subject to change and some additional services or premium accounts may incur fees. It is always a good idea to check the latest information on the official websites of neobanks or their applications before opening an account.

RUE customer support team

Milana

Milana

“Hi, if you are looking to start your project, or you still have some concerns, you can definitely reach out to me for comprehensive assistance. Contact me and let’s start your business venture.”

Sheyla

“Hello, I’m Sheyla, ready to help with your business ventures in Europe and beyond. Whether in international markets or exploring opportunities abroad, I offer guidance and support. Feel free to contact me!”

Sheyla
Diana

Diana

“Hello, my name is Diana and I specialise in assisting clients in many questions. Contact me and I will be able to provide you efficient support in your request.”

Polina

“Hello, my name is Polina. I will be happy to provide you with the necessary information to launch your project in the chosen jurisdiction – contact me for more information!”

Polina

CONTACT US

At the moment, the main services of our company are legal and compliance solutions for FinTech projects. Our offices are located in Vilnius, Prague, and Warsaw. The legal team can assist with legal analysis, project structuring, and legal regulation.

Company in Lithuania UAB

Registration number: 304377400
Anno: 30.08.2016
Phone: +370 661 75988
Email: [email protected]
Address: Lvovo g. 25 – 702, 7th floor, Vilnius,
09320, Lithuania

Company in Poland Sp. z o.o

Registration number: 38421992700000
Anno: 28.08.2019
Phone: +48 50 633 5087
Email: [email protected]
Address: Twarda 18, 15th floor, Warsaw, 00-824, Poland

Company in Czech Republic s.r.o.

Registration number: 08620563
Anno: 21.10.2019
Phone: +420 775 524 175
Email:  [email protected]
Address: Na Perštýně 342/1, Staré Město, 110 00 Prague

Finwyn Consultancy LTD

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