The race between UK neobanks and traditional legacy banks is heating up, with neobanks set to surpass their older counterparts in lifetime Android app downloads by the first quarter of 2025, according to a recent study by SplitMetrics.

This shift indicates a significant turning point in the UK fintech landscape, highlighting the rapid adoption of digital banking services among consumers.

In the first half of 2024, UK neobanks have added an impressive 9.5m new Android users, 81% more than the 4m new users garnered by legacy banks. This surge has brought neobanks within a striking distance of legacy banks, with only a 6m user gap between them.

The trend of digital-first banking solutions gaining popularity isn’t confined to the UK; it’s a pan-European phenomenon. UK fintech firms alone accounted for 50% of all new European mobile banking Android downloads in the first half of 2024.

Leading the charge in this digital banking revolution is Revolut, which has added 7.9m users in H1 2024 alone, representing 41% of all new banking app downloads during this period. Other significant contributors include Santander Spain, Monzo, Credit Agricole, and Lloyds, showcasing a robust growth trajectory across the board.

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