Top 10 US Neobanks Disrupting Traditional Banking

Varo Bank made history in 2020 as the first consumer fintech to receive a US national bank charter, allowing it to operate without a partner bank—a distinct advantage over Varo's competitors like Chime. Founded in 2015, Varo serves millions of underbanked Americans with no monthly fees and early direct deposit access. The charter enables Varo to hold customer deposits directly under FDIC insurance.

Dave launched in 2017 and grew to over 10 million users with a valuation peaking at $4 billion. It pioneered ExtraCash advances up to $500 with no interest, targeting underserved consumers locked out of traditional credit. Dave went public via SPAC in 2022 and reported a 30% revenue growth rate through 2023.

Current has grown to over 4 million members since its 2015 founding, focusing on underbanked teens, gig workers, and low-income Americans. It offers instant gas hold refunds, fee-free overdraft protection up to $200, and early paycheck access up to 2 days early. Current raised $750 million in total funding through 2022.

Revolut launched its US operations in 2020, bringing its European neobank model with multi-currency accounts, cryptocurrency trading, and no foreign transaction fees. The London-based parent achieved a $33 billion valuation in 2021 — the highest of any European fintech. Revolut held over 35 million global customers by 2024.

Upgrade was founded in 2017 by Renaud Laplanche, co-founder of LendingClub, and generated over $100 million in revenue within its first few years. It combines a rewards checking account with personal loans and a credit card, targeting prime borrowers — unlike Dave's focus on subprime users. Upgrade reached a $6.3 billion valuation in 2022 after a $280M Series F round.

Marcus by Goldman Sachs launched in 2016 and quickly attracted billions in deposits with consistently high-yield savings rates above 4.5% APY, outperforming the average savings rate by over 4 percentage points. It offered no-fee personal loans with a $10 billion portfolio at its peak. Goldman Sachs pivoted Marcus's strategy in 2023, scaling back consumer lending to refocus on high-net-worth clients.

Aspiration is a mission-driven neobank founded in 2015 that pledges to plant a tree for every purchase and offers a fossil-fuel-free debit card. It reached 5 million customers by 2022 with its "pay what is fair" fee model, where customers choose their own monthly fee. Aspiration raised $550M in total funding and partnered with major sustainability brands.