World’s Top 100 Digital Banks Ranking 2023

Over the past decade, since the start of the fintech boom, the financial services sector has witnessed the emergence of hundreds of stand-alone digital banks globally. These banks have revolutionised how digitally inclined consumers save, borrow, transact, and invest.

To monitor this growing array of digital contenders, TABInsights has been assessing the performance of more than 150 leading digital banks globally since 2021, ranking them based on a balanced scorecard. This scorecard evaluates capabilities across five key dimensions: customers, market/product coverage, profitability, asset and deposit growth, and funding. Scale and size aren't the primary determinants; instead, they're weighed against factors like profitability, operational efficiencies, the ability to secure funding, and the manner in which these digital banks maintain a robust loan book and balance sheet.

The assessment encompassed over 150 leading players from 39 markets to identify the Global Top 100 Digital banks. The Top 100 are distributed across various regions: 41 from Asia Pacific, 38 from Europe, 10 from North America, five from South America, and three each from the Middle East and Africa.

We anticipate releasing the complete 2024 rankings in May 2024

Rank Digital-Only Bank Country/Headquarter Year of launch Customer Coverage Financials Balance Sheet Funding Final Score
# of users Growth /month Users /staff Total Score # of markets # of products Total Score ROE Gross revenue Revenue growth Revenue/ user CIR Total Score Assets Deposits LDR Total Score Funding Total Score
Score Score Score 30% Score Score 10% Score Score Score Score Score 30% Score Score Score 20% Score 10%
6 10 10 30.0 10 10 10.0 10 6 10 10 10 30.0 6 6 10 20.0 10 10.0 100.0
1 WeBank China 2015 6 5 7 20.8 1 9 5.0 9 4 2 1 8 15.7 5 4 9 16.4 2 2.0 59.8
2 Ally Bank US 2009 3 1 1 5.8 1 10 5.5 8 4 1 10 6 18.9 6 6 10 20.0 8 8.0 58.2
3 ING (Global) Netherlands 1991 4 0 1 5.8 10 10 10.0 6 5 0 7 3 13.7 6 6 9 19.1 8 8.0 56.6
4 KakaoBank South Korea 2017 4 9 4 19.6 1 8 4.5 3 2 2 2 6 9.8 4 3 10 15.5 6 6.0 55.4
5 Nubank Brazil 2014 5 9 4 20.8 3 9 6.0 0 3 5 2 3 8.5 3 3 3 8.2 6 6.0 49.4
6 Suning Bank China 2017 5 2 7 16.2 1 6 3.5 7 2 1 1 10 13.7 3 3 9 13.6 2 2.0 49.0
7 Tinkoff Bank Russia 2007 4 9 3 18.5 1 8 4.5 6 3 1 5 4 12.4 3 3 7 11.8 1 1.0 48.2
8 ING Germany 2000 2 0 1 3.5 1 10 5.5 7 3 1 6 5 14.3 6 6 9 19.1 5 5.0 47.4
9 MYBank China 2015 4 1 5 11.5 1 4 2.5 6 3 1 2 9 13.7 5 4 10 17.3 2 2.0 47.0
10 K-Bank South Korea 2017 2 5 4 12.7 1 9 5.0 2 1 3 2 7 9.8 3 3 9 13.6 4 4.0 45.1
11 SBI Sumishin Net Bank Japan 2007 2 2 3 8.1 1 10 5.5 6 1 1 4 5 11.1 5 4 10 17.3 1 1.0 42.9
12 Klarna Sweden 2017 6 1 5 13.8 10 4 7.0 0 3 1 1 0 3.3 3 2 9 12.7 6 6.0 42.8
13 Toss Bank South Korea 2022 2 10 4 18.5 1 4 2.5 0 1 10 1 0 7.8 3 3 5 10.0 3 3.0 41.8
14 Rakuten Bank Japan 2001 3 2 4 10.4 1 10 5.5 6 2 1 2 5 10.4 5 5 5 13.6 1 1.0 41.0
15 Sony Bank Japan 2001 1 1 2 4.6 1 10 5.5 6 1 1 6 4 11.7 4 3 10 15.5 2 2.0 39.3
16 KCB Bank China 2015 3 1 5 10.4 1 4 2.5 5 1 5 2 9 14.3 2 2 8 10.9 1 1.0 39.1
17 aiBank China 2017 6 2 6 16.2 1 6 3.5 4 2 2 1 8 11.1 3 2 1 5.5 2 2.0 38.2
18 Starling Bank UK 2015 1 3 1 5.8 1 5 3.0 9 1 5 5 5 16.3 3 3 5 10.0 3 3.0 38.1
19 OakNorth Bank UK 2015 1 1 1 3.5 1 5 3.0 7 1 1 10 9 18.3 2 1 10 11.8 1 1.0 37.5
20 XW Bank China 2016 5 1 6 13.8 1 4 2.5 5 2 2 1 9 12.4 3 2 3 7.3 1 1.0 37.0
21 Z-Bank China 2017 4 1 6 12.7 1 4 2.5 2 1 1 1 7 7.8 3 3 7 11.8 2 2.0 36.8
22 C6 Brazil 2019 3 5 2 11.5 1 9 5.0 0 1 6 1 0 5.2 2 1 9 10.9 4 4.0 36.7
23 Wise UK 2011 3 1 2 6.9 10 3 6.5 8 3 3 3 5 14.3 3 1 1 4.5 4 4.0 36.3
24 Air Bank Czech Republic 2011 1 2 1 4.6 2 8 5.0 8 1 2 6 7 15.7 2 2 7 10.0 1 1.0 36.3
25 LendingClub Bank US 2021 1 1 2 4.6 1 3 2.0 7 3 2 7 3 14.3 2 2 10 12.7 2 2.0 35.7
26 ING Australia 1999 1 1 1 3.5 1 8 4.5 5 2 1 7 6 13.7 4 4 5 11.8 2 2.0 35.5
27 Tangerine Canada 2012 1 1 1 3.5 1 7 4.0 7 2 3 7 6 16.3 4 4 3 10.0 1 1.0 34.8
28 Axos Bank US 2000 1 1 1 3.5 1 8 4.5 7 2 1 1 6 11.1 3 3 9 13.6 1 1.0 33.7
29 illimity Italy 2019 1 1 1 3.5 1 7 4.0 5 1 1 10 4 13.7 2 1 9 10.9 1 1.0 33.1
30 knab Netherlands 2012 1 1 1 3.5 1 10 5.5 2 1 0 10 1 9.1 3 3 8 12.7 2 2.0 32.8
31 au Jibun Bank Japan 2008 1 1 4 6.9 1 9 5.0 2 1 1 3 1 5.2 3 3 9 13.6 2 2.0 32.8
32 Revolut UK 2015 4 1 2 8.1 10 9 9.5 2 3 2 2 1 6.5 3 1 1 4.5 4 4.0 32.6
33 imaginBank Spain 2016 1 2 6 10.4 1 8 4.5 7 1 1 1 7 11.1 1 1 4 5.5 1 1.0 32.4
34 Northmill Bank Sweden 2006 1 1 2 4.6 4 6 5.0 5 1 2 4 7 12.4 1 1 8 9.1 1 1.0 32.1
35 Boursorama France 1995 1 4 3 9.2 1 10 5.5 0 1 1 2 0 2.6 5 4 6 13.6 1 1.0 32.0
36 Allo Bank Indonesia 2021 2 6 4 13.8 1 4 2.5 4 1 6 1 6 11.7 1 1 1 2.7 1 1.0 31.8
37 Yillion Bank China 2017 4 1 7 13.8 1 5 3.0 2 1 0 1 6 6.5 2 1 5 7.3 1 1.0 31.6
38 Marcus US 2016 3 3 3 10.4 1 4 2.5 0 3 1 5 0 5.9 6 6 1 11.8 1 1.0 31.6
39 Tandem UK 2014 1 1 1 3.5 1 6 3.5 0 1 10 10 1 14.3 1 1 8 9.1 1 1.0 31.4
40 SeaBank Indonesia 2021 1 1 1 3.5 1 4 2.5 1 1 10 1 9 14.3 1 1 9 10.0 1 1.0 31.3
41 bunq Netherlands 2015 2 1 4 8.1 10 7 8.5 0 1 6 1 0 5.2 1 1 7 8.2 1 1.0 31.0
42 Airtel P Bank India 2017 6 5 7 20.8 1 5 3.0 1 1 2 1 0 3.3 1 1 1 2.7 1 1.0 30.8
43 TymeBank South Africa 2019 2 6 4 13.8 1 5 3.0 0 1 8 1 0 6.5 1 1 5 6.4 1 1.0 30.7
44 PayPay Bank Japan 2018 2 2 4 9.2 1 7 4.0 3 1 1 2 2 5.9 3 3 4 9.1 2 2.0 30.2
45 Fortuneo France 2000 1 1 1 3.5 1 10 5.5 1 2 1 6 0 6.5 3 3 9 13.6 1 1.0 30.1
46 N26 Germany 2015 2 1 3 6.9 10 7 8.5 0 1 3 1 0 3.3 2 2 4 7.3 4 4.0 30.0
47 Bank Jago Indonesia 2020 2 3 4 10.4 1 6 3.5 1 1 5 1 2 6.5 1 1 6 7.3 2 2.0 29.7
48 WEX Bank US 2000 1 1 1 3.5 1 3 2.0 9 3 1 5 2 13 2 1 8 10.0 1 1.0 29.5
49 Trust Bank Singapore 2022 1 10 1 13.8 1 5 3.0 0 1 10 1 0 7.8 1 1 2 3.6 1 1.0 29.3
50 Fjord Bank Lithuania 2019 1 1 1 3.5 4 5 4.5 0 1 10 6 0 11.1 1 1 8 9.1 1 1.0 29.1
51 SoFi US 2011 2 1 1 4.6 2 10 6.0 0 3 2 7 0 7.8 3 2 1 5.5 5 5.0 28.9
52 Zopa Bank UK 2020 1 1 1 3.5 1 5 3.0 0 1 4 6 6 11.1 1 1 8 9.1 2 2.0 28.6
53 MOX Bank Hong Kong 2020 1 4 1 6.9 1 5 3.0 0 1 10 3 0 9.1 1 1 7 8.2 1 1.0 28.2
54 NBKC US 1999 1 1 1 3.5 1 9 5.0 6 1 0 7 2 10.4 1 1 7 8.2 1 1.0 28.1
55 Neon Brazil 2016 4 5 3 13.8 1 6 3.5 0 1 7 1 0 5.9 1 1 1 2.7 2 2.0 27.9
56 GXS Bank Singapore 2022 1 10 1 13.8 1 4 2.5 0 1 10 1 0 7.8 1 1 1 2.7 1 1.0 27.9
57 UnionDigital Bank Philippines 2022 1 6 4 12.7 1 3 2.0 0 1 2 1 0 2.6 1 1 8 9.1 1 1.0 27.4
58 SweepBank Malta 2021 1 1 1 3.5 5 6 5.5 0 1 4 6 0 7.2 1 1 9 10.0 1 1.0 27.1
59 Judo Bank Australia 2018 1 1 1 3.5 1 4 2.5 2 1 4 10 3 13 2 1 1 3.6 4 4.0 26.6
60 Monobank Ukraine 2017 2 9 3 16.2 1 8 4.5 0 1 1 1 0 2 1 1 1 2.7 1 1.0 26.3
61 Seven Bank Japan 2001 1 1 2 4.6 4 5 4.5 4 2 1 7 2 10.4 3 2 1 5.5 1 1.0 26.0
62 Anext Bank Singapore 2022 1 1 1 3.5 1 3 2.0 0 1 10 5 0 10.4 1 1 8 9.1 1 1.0 26.0
63 Allica Bank UK 2020 1 1 1 3.5 1 3 2.0 0 1 10 1 1 8.5 1 1 10 10.9 1 1.0 25.8
64 Atom Bank UK 2015 1 1 1 3.5 1 4 2.5 0 1 2 10 0 8.5 2 2 6 9.1 2 2.0 25.5
65 WeLab Bank Hong Kong 2020 1 1 1 3.5 1 5 3.0 0 1 10 1 0 7.8 1 1 9 10.0 1 1.0 25.3
66 ZA Bank Hong Kong 2020 1 4 1 6.9 1 8 4.5 0 1 3 3 0 4.6 1 1 6 7.3 2 2.0 25.3
67 Carbon Nigeria 2012 1 1 5 8.1 3 3 3.0 5 1 1 1 8 10.4 1 1 1 2.7 1 1.0 25.2
68 Paytm P Bank India 2017 6 1 5 13.8 1 6 3.5 3 1 1 1 0 3.9 1 1 1 2.7 1 1.0 25.0
69 CIMB Philippines 2018 2 2 4 9.2 1 6 3.5 0 1 4 1 0 3.9 1 1 6 7.3 1 1.0 24.9
70 PAObank Hong Kong 2020 1 1 1 3.5 1 3 2.0 0 1 7 3 0 7.2 1 1 10 10.9 1 1.0 24.5
71 Openbank Spain 1995 1 1 1 3.5 5 10 7.5 1 1 1 4 1 5.2 3 3 2 7.3 1 1.0 24.5
72 Monzo UK 2015 2 1 2 5.8 2 8 5.0 0 1 5 2 0 5.2 2 2 2 5.5 3 3.0 24.4
73 First Internet Bank US 1999 1 1 1 3.5 1 6 3.5 4 1 1 1 4 7.2 1 1 8 9.1 1 1.0 24.2
74 Lunar Denmark 2015 1 2 1 4.6 3 8 5.5 0 1 10 2 0 8.5 1 1 3 4.5 1 1.0 24.1
75 Chime US 2014 3 2 3 9.2 2 5 3.5 0 2 2 3 0 4.6 1 1 1 2.7 4 4.0 24.0
76 Kompasbank Denmark 2021 1 1 1 3.5 1 2 1.5 0 1 10 5 0 10.4 1 1 6 7.3 1 1.0 23.7
77 Aprila Bank Norway 2018 1 1 1 3.5 1 2 1.5 0 1 4 10 2 11.1 1 1 5 6.4 1 1.0 23.4
78 Alex Bank Australia 2021 1 1 1 3.5 1 4 2.5 0 1 10 10 0 13.7 1 1 1 2.7 1 1.0 23.4
79 livi Bank Hong Kong 2020 1 2 1 4.6 1 6 3.5 0 1 10 1 0 7.8 1 1 5 6.4 1 1.0 23.3
80 Hello Bank! France 2013 1 1 2 4.6 5 10 7.5 0 1 1 2 0 2.6 4 3 1 7.3 1 1.0 23.0
81 LINE BK Thailand 2020 2 4 4 11.5 1 5 3.0 0 1 2 1 0 2.6 1 1 3 4.5 1 1.0 22.7
82 Curve UK 2018 1 1 4 6.9 10 4 7.0 0 1 2 1 0 2.6 1 1 1 2.7 3 3.0 22.3
83 Green Link Digital Bank Singapore 2022 1 1 1 3.5 1 4 2.5 0 1 10 1 0 7.8 1 1 6 7.3 1 1.0 22.1
84 Mach Chile 2017 1 4 4 10.4 1 7 4.0 0 1 3 1 0 3.3 1 1 1 2.7 1 1.0 21.4
85 Orange Bank France 2017 1 2 2 5.8 2 5 3.5 0 1 1 1 0 2 1 1 8 9.1 1 1.0 21.3
86 Maya Bank Philippines 2022 1 4 5 11.5 1 4 2.5 0 1 2 1 0 2.6 1 1 2 3.6 1 1.0 21.3
87 NSDL P Bank India 2017 1 1 2 4.6 1 4 2.5 0 1 10 5 0 10.4 1 1 1 2.7 1 1.0 21.3
88 Lydia France 2013 2 3 5 11.5 3 5 4.0 0 1 1 1 0 2 1 1 1 2.7 1 1.0 21.2
89 Monabanq France 2006 1 1 1 3.5 1 9 5.0 0 1 1 2 0 2.6 1 1 8 9.1 1 1.0 21.2
90 Papara Turkey 2016 3 1 5 10.4 1 5 3.0 1 1 2 1 1 3.9 1 1 1 2.7 1 1.0 21.0
91 Holvi Finland 2011 1 1 1 3.5 9 4 6.5 0 1 4 6 0 7.2 1 1 1 2.7 1 1.0 20.9
92 Mashreq Neo UAE 2017 1 1 5 8.1 1 9 5.0 0 1 2 3 0 3.9 1 1 1 2.7 1 1.0 20.7
93 LINE Bank Taiwan 2021 1 5 2 9.2 1 5 3.0 0 0 0 0 0 0 1 1 6 7.3 1 1.0 20.5
94 Liv. UAE 2017 1 1 3 5.8 2 8 5.0 1 1 1 3 3 5.9 1 1 1 2.7 1 1.0 20.4
95 Uala Argentina 2017 2 2 2 6.9 3 5 4.0 0 1 3 3 0 4.6 1 1 1 2.7 2 2.0 20.2
96 blu Indonesia 2021 1 1 2 4.6 1 5 3.0 0 1 4 1 0 3.9 1 1 6 7.3 1 1.0 19.8
97 Kuda Nigeria 2019 1 3 5 10.4 2 5 3.5 0 1 1 1 0 2 1 1 1 2.7 1 1.0 19.6
98 ila Bahrain 2020 1 4 2 8.1 2 7 4.5 0 1 2 2 0 3.3 1 1 1 2.7 1 1.0 19.6
99 Monese UK 2015 1 1 3 5.8 10 6 8.0 0 1 1 1 0 2 1 1 1 2.7 1 1.0 19.5
100 Qonto France 2017 1 1 1 3.5 4 5 4.5 0 1 1 8 0 6.5 1 1 1 2.7 2 2.0 19.2

Notes:

  • na=not available; e=estimated
  • (1) 2021 figures
  • (2) registered or paid-in capital (excluding retained earnings)
  • ROE (%) figures are based on operating profit before tax
  • In the ROE column, L>P reflects loss to profit
  • YoY revenue growth based on local currency
  • Figures for ING Global refer to group retail banking
  • Revenue and asset figures for ING Australia were discounted by a factor of 0.7 to exclude wholesale banking. This factor is derived from global contribution of retail banking to global annual gross revenue at ING Group.
  • Figures for banks in Japan reflect full calendar year 2022.
  • Figures for Indian payments banks reflect FY2022 which ends in March
  • blu by BCA Indonesia is based on data from BCA Digital
  • Under the assessment dimension ‘coverage’, we mapped the product scope of digital banks across 12 top line products including mortgage, personal loan or SME loan, car loan, credit card, CASA account, time deposit, debit card, e-wallet, international remittances, mutual fund or fixed income, life insurance and non-life insurance.

Source: TABInsights

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