The neobank revolution just hit an inflection point nobody can ignore: more than 300 million people worldwide now bank exclusively through apps, according to fresh 2025 data from Accel and Cornerstone Advisors. That’s roughly the population of the United States choosing a smartphone over a branch, and the number has doubled since 2022. While pure-play challengers like Chime, Nubank, Revolut, and Monzo drove the early surge, the biggest news this quarter is that America’s legacy giants are finally surrendering the counter and going all-in on digital-only brands of their own.
JPMorgan Chase quietly rolled out “Chase First” in October—a sleek, no-fee, app-first experience aimed at Gen Z and younger millennials who have never stepped inside a branch. The product launched with 2.4 million sign-ups in its first 45 days, instantly making it one of the fastest-growing neobanks in the country. Citi followed two weeks later with “Citi Plex,” a standalone digital bank that operates completely separately from its traditional checking accounts. Both apps feature instant account opening in under two minutes, real-time spending round-ups into high-yield savings (currently 4.75-5.1 percent APY), and AI-powered budgeting that actually texts users before they overspend on takeout.
The timing is no accident. Traditional banks have watched deposits leak for five straight years. Chime alone added 8 million primary checking relationships in 2024, while Revolut crossed 50 million global customers and Nubank became the fourth-most valuable financial institution in the Americas—worth more than Santander and Itaú combined. Legacy executives finally realized the branch network that once felt like a moat had quietly turned into an anchor.
Inside sources say Chase First and Citi Plex were built on entirely new tech stacks—cloud-native cores that cost a fraction of the mainframe systems still running the mothership. That speed advantage shows: Chase First already offers instant P2P payments, crypto purchase round-ups into spot Bitcoin ETFs, and a credit card with dynamic limits that adjust weekly based on cash flow—features the main Chase app won’t get until late 2026 at the earliest.
Customer reaction has been brutal for competitors. Reddit and TikTok threads are flooded with screenshots of users closing decade-old accounts the same day they’re approved for Chase First. “Why pay $12 a month for a bank that still mails paper statements when this exists?” one viral post with 1.8 million views asked. Chime’s growth, while still strong, has visibly slowed in the United States for the first time since 2019.
The global picture is even more dramatic. Nubank now serves 110 million customers across Brazil, Mexico, and Colombia—more than Bank of America has in the U.S.—while India’s Jupiter and Fi crossed 20 million combined. In Europe, Revolut and N26 are issuing more debit cards than Barclays and Deutsche Bank. Even in cash-heavy markets like Indonesia and Nigeria, neobanks have captured 15-20 percent of the under-35 demographic in under three years.
Wall Street is rewarding the shift. Shares of SoFi, another U.S. neobank hybrid, jumped 18 percent the week Chase First launched, as investors bet the rising tide lifts all modern boats. Meanwhile, regional banks with heavy branch footprints saw their stock prices dip on fears of accelerated deposit flight.
The 300 million milestone isn’t the endgame—it’s the starting gun. Analysts now project neobanks will control 35-40 percent of global primary banking relationships by 2030. For the first time, the challengers aren’t just nibbling at the edges; they’ve forced the incumbents to become challengers themselves. Whether you call it disruption or evolution, one thing is clear: the era of walking into a bank to open an account is officially over.
