FinTech News

Apptopia Data Shows Most Downloaded Digital Banking Apps for H1 2021

These days, there’s certainly no shortage of digital banking options — also known as neobanks. With many of these platforms operating primarily via mobile apps, the impact of such services can also be seen on app store rankings. On that note, a new report from Apptopia highlights the top 10 digital banking apps in terms of downloads so far in 2021.

During the first half of the year, Chime managed to see the greatest number of downloads with 6.4 million. That was more than double the 2.7 million downloads second-place Current accumulated during H1 2021. Incidentally, these results align with other recent data released by eMarketer, showing that Chime was far and away the most popular neobank with Current coming in a distant second. According to those figures, Chime will have 13.1 million users this year while Current will have 4 million. Meanwhile, with 1.95 million downloads in the half, Varo Bank placed third in Apptopia’s download data while ranking fourth behind Aspiration in eMarketer’s user number figures.

Rounding out the top five were Step and Albert, bringing in 1.94 million and 1.9 million downloads during the half respectively. With 1.8 million downloads, Dave — which recently announced plans to go public via SPAC — was in sixth. Finally, the rest of the top 10 was occupied by MoneyLion (854,000), Oxygen (344,000), Simple (214,00), and N26 (172,000). In regards to the ninth-ranked Simple, it’s worth noting that news of the platform’s discontinuation arrived in January, with accounts formally transitioning to parent company BBVA in May. Apptopia also notes that Revolut was a close 11th-place finisher.

Comparing these download figures to last year, Step was by far the fastest-growing platform. Year over year, downloads for the teen banking app increased 2,980%. Current and Oxygen also saw impressive (albeit not quite as meteoric) gains, with downloads growing 96% and 95% YoY respectively. Combined, downloads of the top 10 apps listed grew an average of 37.4% year over year.

The growing popularity of these digital banking apps comes as some FinTechs look to become full-fledged banks. While many offerings on this list partner with FDIC insured banks, Varo made headlines last year when it became the first digital-only bank to earn a national bank charter. This has allowed the platform to introduce more features and options for its customers.

Ultimately, Apptopia’s report highlights a few different truths about neobanks. For example, it shows that there are some major disparities between the most popular platforms and even the next few below them. Nevertheless, the figures also show how quickly an app can take off. Therefore, it will be interesting to see what this top 10 looks like later this year and into the future as more options arrive.