Data: 368 neobanks globally serve 1.46 billion users, but two-thirds lack full banking licenses

As of July 2026, there are 368 verified active neobanks globally, serving approximately 1.46 billion users. Of these, 817 million are in Asia, with WeBank alone exceeding 400 million users. Only 127 of the 368 neobanks hold full banking licenses; two-thirds "rent" their banking identity, operating through sponsored banks, e-money licenses, or card issuers, with customers largely unaware of the distinction. This structure has led to multiple crises: dozens of crypto card projects vanished overnight in 2018 after WaveCrest had its issuing rights revoked by Visa; Wirecard's collapse in 2020 froze "banks" in multiple European locations; and Synapse's failure in 2024 revealed that "FDIC insurance" was not as advertised. The report indicates that 30% of neobanks founded in the 2020s are Web3-native self-custody applications (compared to only 4% in the 2010s), and 58 are fiat-crypto hybrid applications. Audits show that only 67 (18%) are actually using AI in production. The report suggests the industry is shifting from a "funding race" to an "exit race," with failures occurring silently – no press releases, just apps ceasing updates and customer service going unresponsive. Failure data is considered more valuable than funding data.