Bank challengers in Europe keep growing very fast. Only the eight major players*, including Revolut, N26, TransferWise, Monzo, Monese, Starling, Curve, and Tandem served nearly 27 million customers as of the end of 2019. In fact, their number of clients has increased exponentially as the figure doubled every year since 2016. Considering current trends, it can be expected that the selected group of bank challengers will get over 50 million clients by 2021. And, this is only a part of the broader market since there are dozens of other players across Europe already operating or planning a launch.

1. Inteliace Research
BankchallengersinEurope,2019-2020
2.6
5.8
12.4
26.7
2016 2017 2018 2019
Number of customers - Selected top 8 bank challengers in Europe
In million
* including: Revolut, N26, TransfeWise, Monzo, Starling, Monese, Tandem, Curve
Source: Inteliace Research
The number of clients at top bank challengers in Europe has more than
doubled each year since 2016
1
+120%
+115%
+112%

2. Inteliace Research
BankchallengersinEurope,2019-2020
Major bank challengers are currently valued* at 4.8 times the funding
received
3.9
18.8
funding valuation
* Post money valuation
** Including: Revolut, N26, Monzo, Monese, TransferWise, Tandem, Curve
Source: Inteliace Research, Crunchbase, Pitchbook
Funding & Valuation- Selected 7 major** bank challengers in Europe
In US$ billion, as of Dec. 2019
4.8x
(post money)
2

3. Inteliace Research
BankchallengersinEurope,2019-2020
Accounts, fx, payments,
P2P
Payments, fx
Accounts, payments,
business banking
Accounts, payments,
loans, business banking,
other
Transfers, Accounts
Accounts, payments,
loans, business banking
Payments, fx, card
aggregation
Savings, credit cards
* Or the last available figure;
Source: Corporate websites, industry press, Crunchbase, Pitchbook, Inteliace Research 3
9.0
6.0
4.5
3.5
1.4
1.0
0.8
0.5
Revolut
TransferWise
N26
monzo
monese
Starling
Curve
Tandem
A single customer is worth $730 on average
0.82
0.58
0.78
0.74
1.03
n/a
0.40
0.12
Number of customers, [no common definition]
in million, as of Dec. 2019*Company
Selected European bank challengers: Customers
Focus
Company valuation per customer
post money, in `000 US$, as of Dec 2019*
PARTIALLY ESTIMATES
0.73
Average for top 7

4. Inteliace Research
BankchallengersinEurope,2019-2020
- E-money Institution - Accounts
- Payments
-Service level depending
on country.
-Accounts with balance
and debit card offered in
ca. 35 markets
- Bank
- Payments
- Accounts
- FX
- 24 European markets
- Bank, PSD agent
- Savings
- Credit cards - The UK
- E-money Institution
- Bank (since Q4 18)
- Deposits
- Loans
-31 European markets
(EEA)
-AU, CAN, SIN, CH, USA
- Bank
- Accounts
- Deposits/loans
- Payments
- Other (marketplace)
- The UK, Ireland
- Bank
- Accounts
- Deposits
- Loans
- Payments
- The UK
- E-money Institution
- Accounts
- Payments
- 31 European markets
(EEA)
- E-money Institution
- Payments
- FX
- Card aggregation
- 31 European markets
(EEA)
* Customer number at the end of the respective financial year , e.g. YE2018
Source: Corporate websites, industry press, Crunchbase, Inteliace Research 4
38
34
33
23
22
10
7
3
TransferWise
N26
Tandem
Revolut
Starling
monzo
monese
Curve
Bank challengers make between $3 and $38 in revenues per single
customer
Average revenue per customer*
in US$, as of 2018/19
Focus
Key Products RegionsCompany
Company
type, licence
PARTIALLY ESTIMATESSelected European bank challengers /non-exhaustive list/: Revenues

5. Inteliace Research
BankchallengersinEurope,2019-2020

6. Inteliace Research
BankchallengersinEurope,2019-2020
2.6
5.8
12.4
26.7
2016 2017 2018 2019
Number of customers - Selected top 8 bank challengers in Europe
In million
* including: Revolut, N26, TransfeWise, Monzo, Starling, Monese, Tandem, Curve
Source: Inteliace Research
The number of clients at top bank challengers in Europe has more than
doubled each year since 2016
6
+120%
+115%
+112%

7. Inteliace Research
BankchallengersinEurope,2019-2020
2.6
5.8
12.4
26.7
2016 2017 2018 2019
Number of customers - Selected top 8 bank challengers in Europe
In million
* including: Revolut, N26, TransfeWise, Monzo, Starling, Monese, Tandem, Curve
Source: Inteliace Research
The number of clients at top bank challengers in Europe has more than
doubled each year since 2016
7
+120%
+115%
+112%

8. Inteliace Research
BankchallengersinEurope,2019-2020
2.6
5.8
12.4
26.7
2016 2017 2018 2019
Number of customers - Selected top 8 bank challengers in Europe
In million
* including: Revolut, N26, TransfeWise, Monzo, Starling, Monese, Tandem, Curve
Source: Inteliace Research
The number of clients at top bank challengers in Europe has more than
doubled each year since 2016
8
+120%
+115%
+112%