A Merry shift in Finance: Neobanks top legacy banks this Christmas

As Christmas cheer spreads, the FinTech sector has much to celebrate, with UK neobanks surpassing legacy banks in app downloads for the first time—a milestone that signals a seismic shift in the financial landscape.

According to a fresh analysis by SplitMetrics, this landmark achievement underscores the growing dominance of FinTechs in the highly competitive financial ecosystem.

UK Neobanks Outpacing Legacy Giants

In a striking development, UK neobanks now boast 71.78 million Android users, narrowly edging past legacy banks with 71.58 million users. The growth trajectory is astounding: neobanks added a staggering 18.6 million users in 2024, dwarfing the 7.5 million added by their traditional counterparts.

Among neobank apps, Revolut leads the pack with 15.6 million new users, followed by Monzo (1.8 million) and Starling (463k). Legacy banks, although still influential, are playing catch-up, with Lloyds (1.2 million), Barclays (1.1 million), and Halifax (1 million) topping their list.

Trading Apps Soar Beyond Records

Trading apps have also seen a banner year, adding nearly 11 million new Android users globally—a leap from the previous record of 7.5 million in 2022. Collectively, these apps have amassed 86 million lifetime users, with UK-based apps accounting for 22.8 million.

Trade Republic (2.2 million), eToro (2.0 million), and Robinhood (1.9 million) lead the charge, reflecting the growing appetite for retail investing amid volatile market conditions.

Meanwhile, Money management apps designed to simplify budgeting and savings have added 1.1 million new users in 2024, surpassing forecasts. This sector has now hit record highs, eclipsing the sub-1 million annual growth of previous years. Plum (357k) and Moneybox (299k) emerged as favourites, showcasing the public’s increasing desire for financial literacy tools.

Crypto Bounces Back with a Bang

After a turbulent 2023, the crypto sector has rebounded, with 5.6 million downloads in 2024, setting the stage for a robust 2025. European crypto apps like Luno (1.9 million) and Nexo (1.5 million) led the resurgence.

Adding intrigue is the emergence of crypto AI apps, which have skyrocketed to 556k downloads, almost doubling the previous year’s high. uTrading (188k) and Pionex (141k) are the frontrunners in this innovative category, blending artificial intelligence with cryptocurrency trading for a new-age financial experience.

What’s Driving the Surge?

Thomas Kriebernegg, General Manager at SplitMetrics Agency, explained, “Finance is one of the most competitive app categories, blending retail banking, investment, and crypto with B2B services. Startups are disrupting the space, but traditional banks are catching up, leveraging their established user bases. FinTech is no longer a challenger—it’s a dominant force.”

As the FinTech sector basks in its 2024 victories, challenges loom. User acquisition is costly, and retention strategies will be critical as the market becomes saturated. The big question remains: Can FinTechs sustain this growth into 2025 and beyond?

For now, though, the industry has every reason to celebrate. With neobanks leading the charge, trading apps breaking records, and crypto staging a dramatic comeback, the festive season truly marks a Merry Christmas for FinTech.