Neobanks are on the rise globally, but in the U.S. digital banking landscape, payment providers are the most successful. In an analysis of U.S. neobanks and payment services by Statista's Market Insights that only counts those services that are 100 percent independent of companies from other sectors as well as as 100 percent digital, Cashapp holds a 45 percent market share, leaving competitor Venmo in the dust. While CashApp and Venmo are payment providers at their core, they have started to branch out into other financial products. Only in rank 3, with a market share of 10 percent, comes the first neobank of the ranking: Chime. The second highest ranked neobank, Acorns, only had 3 percent market share in 2022, as did private investment service provider Empower.
Statista analysts estimate that the transaction value of this market in the United States reached $1.43 trillion in 2023, representing annual growth of more than 30 percent over 2022.
