3 emerging Neobanks transforming the challenger ecosystem in Greece

By Gloria Methri

A neobank is a type of challenger bank that operates solely digitally. These newly established banks are not part of any large conventional banks. As they do not have any physical branches, they provide their services both via mobile and desktop devices.

Neobanks require their clients to go through a digital onboarding process, most frequently via smartphone. There can be two types of neobanks: those which have a banking license and those that do not. The most popular neobanks include Revolut, Chime, Nubank, and Monzo.

In Greece, the transaction value in the neobanking segment is projected to reach $8.99 billion in 2023. Moreover, the number of users is expected to amount to 0.84 million by 2027 and user penetration is expected to hit 5.7% this year.

Let’s look at are 3 mobile-only banks, digital banks, or neobanks in Greece.

• Woli

Woli, an Athens-based start-up, was founded in 2021 with the aim to create a digital banking offering for families. Its prepaid Mastercard and mobile app allow parents to automate digital payments of pocket money or pay their children instantly. Combining smart parental controls and age-appropriate finance classes, Woli empowers children to earn, save and spend money responsibly within a safe environment.

• Viva Wallet

Viva Wallet is one of the leading cloud-based neobanks in Europe. It aims to change the way businesses pay and get paid with cutting-edge technology and agility. It offers unifying, yet localized, end-to-end advanced digital payments solutions and embedded banking services tailored to the needs of businesses in 24 markets across the continent.

• N26

N26 is building the first mobile bank with a full European banking license, state-of-the-art technology, and no branch network. N26 is available on Android, iOS, and desktop. It offers debit cards with money transfers with N26 users and spending insights with no monthly fees or minimum balance. Founded in 2013 by Valentin Stalf and Maximilian Tayenthal, in Germany, N26 has more than 7 million customers in 25 markets.

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