Customer fintech start-ups were massively successful in 2019, drawing in countless brand-new users and interrupting standard retail banks and financial services with mobile-first, consumer-oriented products. Regardless of the financial decline in public markets and the massive wave of cuts at public and private companies in recent weeks, fintech start-ups have been raising a heap

of money. It feels like they’re all building a war chest to make it through the economic winter as standard banks continue to iterate so they can catch up and use more easy to use services. This is not the time to raise fees, decrease on item development or strategies to obtain brand-new users.

Nine-figure rounds

Back in January, I looked at opposition banks and their growth trajectories, but ever since, they have managed to bring in much more consumers. According to the most recent figures:

  • Nubank has 20 million customers;
  • Revolut has 10 million users;
  • Chime has 8 million users;
  • N26 has 5 million users;
  • Monzo has 4 million users.

Which lacks discussing Starling Bank, Atom Bank, Bunq, Bnext, Paysend, etc. At some time, there will be as numerous challenger banks as non-challenger banks– maybe we should not call them challenger banks anymore.

Beyond these startups, trading app Robinhood recently reached 13 million users, international payments startup TransferWise has 7 million clients and cryptocurrency exchange Coinbase has 30 million users.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.