• Alvarez & Marsal presents its report The Digital Banks Pulse Q4 2025, which analyses the performance of Revolut, Nubank, Wise, Monzo and Starling Bank, which together reached an aggregate business volume of more than USD 201 billion
• The study identifies Nubank and Revolut as the best-positioned neobanks in the market, according to the A&M Score, an indicator that assesses business performance, profitability, efficiency, capital, liquidity and digitalisation
• Neobanks are seeking to selectively capture the most profitable and capital-light segments, while leaving traditional banks with balance sheet-intensive, lower-return business
• The report notes that the sector is entering a new phase marked by monetisation, operational efficiency and the ability to deepen financial relationships with customers
• Digital banks maintain a structural cost advantage over traditional European banks, with an average cost of USD 34 per customer compared with USD 1,042 for traditional banks
• The next challenge for neobanks will be to preserve their efficiency as they expand, which will depend on their willingness to innovate and invest in new technologies that could allow them to enter more specialised segments without compromising their cost structure

Madrid, 26 June 2026 – Alvarez & Marsal (A&M), a leading global professional services firm, has released the first edition of its report The Digital Banks Pulse Q4 2025, a study prepared by its Financial Services Industry Group that analyses the performance of five leading international neobanks: Revolut, Nubank, Wise, Monzo and Starling Bank.

Alvarez & Marsal’s report shows that digital banking continues to consolidate its growth globally, while also beginning to enter a more mature phase. Together, the five neobanks analysed reached 234.8 million customers in 2025, up 19.7% year-on-year, and increased their aggregate business volume — measured as loans and deposits, except in the case of Wise — to USD 201.252 billion, representing year-on-year growth of 47.9%.

According to the study, this evolution confirms that the sector is moving beyond a phase focused almost exclusively on customer acquisition and towards a model in which monetisation, higher volume per user, operational efficiency and the ability to broaden financial product offerings are becoming increasingly important. The report notes that, although all the neobanks analysed slowed their pace of customer growth in 2025, business volume continued to rise strongly, particularly at companies such as Revolut, Nubank and Monzo.

Against this backdrop, the A&M Score — an indicator developed by Alvarez & Marsal based on business performance, profitability, efficiency, capital, liquidity and digitalisation variables — ranks Nubank as the best-positioned neobank in 2025, with a score of 1.79, followed by Revolut, with 1.86. They are followed by Wise, with 2.28; Monzo, with 2.40; and Starling Bank, with 2.52. The study particularly highlights Nubank’s improvement, as the company recorded the strongest trajectory within the group compared with the previous year.

Alvarez & Marsal’s report also highlights that Revolut continues to lead customer growth, increasing its customer base by 30.1% in 2025 to 68.3 million users. Nubank reached 131 million customers, although with a more moderate growth rate of 14.7%, reflecting its larger scale. Wise grew by 21.2% to 18.9 million customers; Monzo increased by 23.7% to 12 million; and Starling Bank recorded growth of 9.5%, reaching 4.6 million customers.

In business terms, the study points to an acceleration in the volume managed by the main neobanks, with particularly significant growth at Revolut, which increased its business volume by 72.5% to USD 50.388 billion; Monzo, which grew by 58.7% to USD 36.182 billion; and Nubank, which advanced by 49.9% to USD 69.614 billion. According to the report, this evolution reflects a deeper relationship with customers and a gradual expansion of product offerings.

In terms of profitability, the study shows that the aggregate revenues of the five neobanks increased by 29.4% in 2025. Profit per customer also reached an average of USD 23, up 19.8% year-on-year. The report highlights that Nubank and Revolut are among the best-positioned players in terms of profitability, with return on equity of 30.3% and 35%, respectively.

Operational efficiency remains one of the main differentiating factors of digital banking compared with traditional banking. According to A&M’s study, the average cost per customer among the neobanks analysed stood at USD 33.7, virtually unchanged from the previous year, while the aggregate cost-to-income ratio improved to 40.2%. Nubank remains the most efficient operator, with a cost of USD 18.4 per customer, followed by Revolut, with USD 33.9.

The report also compares the performance of neobanks with that of traditional European banks and notes that the main opportunity remains in business volume per customer. According to Alvarez & Marsal, neobanks currently have an average business volume per customer of USD 857, compared with USD 104,585 for traditional European banks, a gap of 122 times. However, the study underlines that this difference represents a significant growth opportunity as these entities deepen their relationships with customers and broaden their product offerings.

In terms of revenue per customer, the report places neobanks at USD 84 compared with USD 1,895 for traditional European banks, while profit per customer stands at USD 23 compared with USD 559 for traditional banks. However, the study highlights that the structural advantage of neobanks lies in their cost base: USD 34 per customer versus USD 1,042 for traditional European banks, a 30-fold difference that reflects a lighter, more digital and scalable operating model.

In the area of digitalisation, Alvarez & Marsal notes that the five entities analysed have accumulated 236.8 million app downloads, up 26.8% year-on-year, with an average rating of 4.7 out of 5 across iOS and Android. Wise stands out in this area for its digital strength and its ability to operate with a global technology architecture, while Nubank and Revolut are positioned as benchmarks in technological maturity, scalability and platform efficiency.

Fernando de la Mora, Managing Director, Financial Services at Alvarez & Marsal, said: “The report confirms that neobanks have moved beyond the initial growth phase based on mass customer acquisition and are now entering a more demanding stage, marked by monetisation, profitability and operational efficiency. Their structural cost advantage over traditional banks remains highly relevant, but the real challenge will be to convert an increasingly large user base into more comprehensive, sustainable and profitable financial relationships.”

The study concludes that digital banking continues to offer significant growth potential, but that competition in the coming years will be shaped by each institution’s ability to expand its product offering, increase volume per customer, sustain margins and maintain an efficient technology architecture. In this scenario, Alvarez & Marsal identifies Nubank and Revolut as the best-positioned players, while Wise, Monzo and Starling Bank face different challenges in terms of monetisation, efficiency and scalability.

About Alvarez & Marsal

Founded in 1983, Alvarez & Marsal is a leading global professional services firm. Renowned for its leadership, action and results, Alvarez & Marsal provides advisory, business performance improvement and turnaround management services, delivering practical solutions to address clients' unique challenges. With a world-wide network of experienced operators, world-class consultants, former regulators and industry authorities, Alvarez & Marsal helps corporates, boards, private equity firms, law firms and government agencies drive transformation, mitigate risk and unlock value at every stage of growth.

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