According to research firm Statista the worldwide market size of neobanks and challenger banks was estimated to be nearly $47 billion in 2021. The sector is expected to grow at an annual rate of 53.4 percent until 2030, reaching a value of $2.05 trillion that year. (Source: Neobanks global market size 2021 | Statista) Still, neobank deposits are a fraction of the $19.2 trillion in total bank deposits in the U.S., as tracked by YCharts.
With that growth, there are signs that consumers are turning to fintechs such as neobanks for more of their everyday banking needs. Thirty-one percent of U.S. consumers named a fintech firm their “primary financial relationship” in 2021, up from only 6% in 2019, according to EY. And slightly more than half (53%) of those consumers have set up direct deposit with a fintech company.
Synapse’s Neobanking Solution provides core banking infrastructure, an embedded compliance framework and a broad set of banking features. Learn how you can start building today.
Synapse empowers companies of all sizes and industries to become innovative financial partners for their customers. We are the only banking as a service provider that enables builders to launch feature-complete deposit, credit, and crypto products in weeks.
With Synapse’s APIs, companies can design products and services that raise access to financial services for all. We help builders develop and launch custom suites of financial services to embed banking products, issue cards, provide next-generation loans, crypto products, and more quickly, reliably, and securely.
Synapse Financial Technologies, Inc. is not a Bank. Deposit, Banking, and Card services are provided by Synapse Financial Technologies, Inc.’s partner banks, Members FDIC. Credit services are provided by Synapse Credit LLC, a licensed U.S. lender in designated States. Global cash management services are provided by Synapse Brokerage LLC, a registered broker-dealer and member of FINRA and SIPC. Crypto services are provided by Wyre Payments, Inc., a US Money Service Business. Synapse Brokerage LLC does not offer crypto services, and no cryptocurrencies may be held in any account established through Synapse Brokerage, LLC. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC.
Copyright Synapse Financial Technology, Inc. 2022 synapsefi.com
1Chime® is the registered trademark of Chime Financial, Inc. Current® is the registered trademark of Finco Services, Inc. GoBank® is a registered trademark of Green Dot Corporation. Synapse Financial Technologies, Inc. is not associated with, sponsored by or in any way affiliated with the respective owners of these marks.
2Bank of America® is the registered trademark of Bank of America Corporation. Wells Fargo® is the registered trademark of Wells Fargo & Company. Citibank® is a registered trademark of Citigroup Inc. Synapse Financial Technologies, Inc. is not associated with, sponsored by or in any way affiliated with the respective owners of these marks.