McKinsey& Company has recently examined the growth of neobanks and various Fintech challengers. The report from McKinsey spotlights the growth and profitability of neobanking platforms. The latest Global Banking Annual Review from McKinsey & Company draws attention to a clear shift underway in financial services. Several digital-first institutions have moved well beyond the performance constraints that have long shaped traditional banking.
The firms highlighted—Revolut, Nubank, Robinhood, Webank, Wio, and Wise—demonstrate that rapid scaling and healthy returns are no longer mutually exclusive when built on modern technology foundations.
These players operate without legacy branch networks or outdated systems.
Instead, they deliver core banking alongside advanced digital tools and expanded services. Nubank now serves 131 million customers and ranks as Latin America’s most valuable bank.
Revolut reaches 69 million retail and corporate users, placing it among Europe’s top banks by market value. Webank in China has grown to 420 million customers.
Each has achieved this scale with notably lean teams—Revolut with roughly 12,000 employees and Nubank with around 10,000—while posting strong returns.
Nubank delivers returns on equity near 30 percent, Revolut and Wise approach 35 percent, and Robinhood exceeds 20 percent.
Their progress stems from starting with focused offerings and methodically expanding. Nubank began with credit cards in 2014 and now provides accounts, transfers, debit products, and business services.
Revolut launched in 2015 with prepaid cards and currency tools; it now offers around 50 products, including investments, crypto, personal lending, and SME solutions, with further moves into private banking and mortgages planned.
Lower incremental costs for acquiring and serving customers, combined with superior technology, have allowed these firms to grow profitably where many established banks have faced tighter limits.
McKinsey observes that this group has effectively redrawn the boundaries of what banks can achieve on growth and earnings.
"Revolut, Nubank, along with Robinhood, Webank, Wio, and Wise, have likewise broken through traditional barriers on growth and profitability." – McKinsey & Company pic.twitter.com/zx28qaZHLx
— Jevgenijs Kazanins (@jevgenijs) May 27, 2026
The same analysis notes rising customer satisfaction and trust levels for digital players, especially among younger users more open to non-traditional providers.
The report also suggested that this ongoing momentum forms part of a wider fintech adoption trend.
Digital challengers are now meaningfully capturing a larger share of industry revenue while pressuring profit pools in payments, lending, wealth management, and capital markets.For incumbent banks, the message is direct.
The advantages once tied to scale and history are gradually eroding as agile competitors deliver better experiences at lower cost.
The research report stresses that large institutions must now pursue precise strategies at greater speed, using technology to match the personalization and efficiency that customers increasingly expect.
The performance of these neobanks shows that the old trade-offs between expansion and profitability are no longer fixed.
As digital technology continues to advance in 2026 and customer habits shift, the gap between digital enablers and slower-moving players is most likely to influence the industry’s direction for years ahead. The research report has concluded that traditional banking institutions that adapt quickly may narrow the competitive distance; and those that do not risk further erosion of their established market position.