Neobanks Build Financial Superapps

The winners in neobanking are turning a cheap checking account into a distribution engine for much higher margin products. Once a customer trusts the app with deposits and daily payments, the neobank can add lending, investing, treasury, bill pay, payroll, and accounting workflows inside the same screen, which raises revenue per user and makes the account much harder to replace.

• Mercury shows the B2B version of this playbook. It started with startup banking, then added treasury, sweep insurance, cards, wires, forex, and venture debt, so the bank account becomes the operating hub for cash management instead of a simple place to store money.
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• Kapital pushes the model furthest because LatAm SMB software is less fragmented. It uses credit to get businesses to connect invoicing data, then sells a bundled back office stack across banking, cards, expense management, bill pay, payroll, FP&A, and inventory, with revenue split across lending and SaaS subscriptions.
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• On the consumer side, Revolut and Monzo show why this matters financially. Monzo’s 2023 mix had interest, subscriptions, and interchange all contributing, while Revolut scaled from payments into savings, trading, lending, and business banking, reaching $4.0B of revenue in 2024 with growth across segments.
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From here, the strongest neobanks look less like single feature challengers and more like modern distribution layers for financial services. The next leg of growth comes from owning the full money workflow, then attaching credit, wealth, and software products to that flow, which should make the category more durable through the next rate cycle.