Which neobank makes the most per customer?

Starling: $217
Wise: $163
Monzo: $107
Nu: $101
Revolut: $78

Starling has 4.2M customers. Revolut has 52.5M.

Yet Starling makes nearly 3x more per user.

Starling is valued around $3bn Revolut at$ 75bn

So is revenue per customer even useful?

Or is the goal not to be considered a bank still?

The context matters.

Nu is absolutely a bank.

In Brazil, lending is a superpower
Credit-starved population, high rates, massive demand.
Their low cost base lets them win on volume.
114M customers at $101 each is a monster business.

Revolut does lending too.

They're a licensed bank in several markets.
But lending is a small slice of a bigger payments and subscriptions machine.
The core is interchange, FX, premium tiers.

Starling is different.

Single market.
Pure play bank. SMB lending.
Interest income is the main event, not a side dish.

And that's where multiples get interesting.

Lending businesses trade at 1-2x book. Payments and tech platforms trade at 10-20x revenue.

Starling built arguably the most profitable neobank in Europe. Their likely outcome?

Maybe an IPO or acquisition.

Nu trades as a growth stock despite being a lender - because Brazil + scale + TAM story.

Revolut is chasing a $100bn IPO on the strength of the platform narrative.

Same industry.

Completely different valuation games.

ARPU is interesting.

But the multiple you trade at? That's a more complex story.

Author

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