A Complete List of U.S. Neobanks

By Noah Brown in The Capital

**See the full, updated list of neobanks here.

Neobanks (or ‘challenger banks’) exist to disrupt financial services and bring better products to consumers at more affordable prices. Most are in their nascent stages and have yet to gain a critical mass of users. Some are on the brink.

Although digital banking is no longer a novel concept to the average consumer, neobanks are not digital banks. The following criteria set a neobank apart from a digital bank.

Criteria #1 to qualify as a neobank: Must not be a subsidiary of a larger financial institution, unless acquired and still operating as a separate entity. Examples of digital banks that naturally do not meet these criteria are BankMobile, Marcus, Axos.

Fintech companies are not necessarily neobanks either. The following criteria set a neobank apart from many fintech companies.

Criteria #2 to qualify as a neobank: Must provide the most fundamental service of a modern bank — the ability to deposit money and pay for things. More specifically, the bank must offer an account that has a routing number attached to it, if not a debit card. Examples of fintech companies that do not meet this criterion are Affirm, Tala, and Upstart.

*The nitty gritty around savings, checking, and ‘cash’ accounts quickly makes identifying a neobank more complicated.

The final, general criteria:

Criteria #3 to qualify as a neobank: Must be fully digital (no branches allowed). Mobile and/or desktop.

In addition to the aforementioned non-negotiables, neobanks also typically…

1. Appeal to technology-savvy consumers.
2. Use technology to develop novel products and experiences.
3. Target underbanked or unbanked populations (low-income, immigrants)
4. Maintain a mobile app for delivering financial services.
5. Are inexpensive (if not free)
6. Do not possess a banking license, but rather work with an FDIC-insured partner bank.

In the last 6 months alone, neobanks that are headquartered or operate in the U.S. have raised a combined $1.1B+ in funding.

Some only offer a waitlist for a coming product release.

Some only offer one product.

Others are full-scale banks meeting the majority of customers’ financial needs.

Below is a complete list of consumer neobanks that are headquartered or operating in the US. It does not include business-focused neobanks like Mercury, NorthOne, and Novo.

The List:

1. Dave
2. Monzo
3. N26
4. Robinhood
5. Chime
6. SoFi
7. Revolut
8. Varo
9. Simple
10. Zero
11. Betterment
12. Acorns
13. MoneyLion
14. Sable
15. Wealthfront
16. Point
17. Transferwise
18. Step
19. Aspiration
20. Qapital
21. Current
22. HMBradley
23. Stash
24. Greenlight
25. Empower

**See the full, updated list of neobanks here.

The Capital