Latest Digital Banking App Ranking Holds Some Surprises

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We’d hate to spoil the surprise .. so we won’t. Or perhaps it’s more accurate to say “they” didn’t spoil the surprise. Who are “they?” They are the brands tracked in PYMNTS’ Provider Ranking of Digital Banking Apps for October 2020, and the surprise can’t be spoiled because, with two very notable exceptions, there aren’t any.

The latest PYMNTS Provider Ranking of Digital Banking Apps shows these players sticking to their spots – which isn’t easily done amid the shifting sands of COVID-era digital banking.

The Top Five

Hear that? It’s Chime, in the No. 1 spot on the latest ranking of digital banking apps, with its valuation hitting $14.5 billion in September. Next up is Nubank at No. 2 again, fresh off its acquisition of broker Easynvest. This go-around, the first big surprise (we promised two) is digital bank Dave moving up three spots to No. 3, and entering the top five for the first time.

Continuing on, “fair and frictionless” platform Revolut retains its No. 4 real estate, while U.K.-based Monzo stands steady as a beefeater at No. 5 with new tools for account holders.

The Top 10

Looking now to the bottom half of the top 10, mobile/digital banking app Current comes in at No. 6 in the latest PYMNTS Provider Ranking of Digital Banking Apps, followed at No. 7 by Current, which notched an additional $20 million in its October Series B fundraise. Just where we left it last time, at No. 8, is Germany-based direct bank N26.

The second surprise we promised from this month’s PYMNTS Provider Ranking of Digital Banking Apps comes with Empower, the millennial-focused banking and money management app that enters the top 10 for the first time at No. 9. Last but not least, as the saying goes, is UAE-based Mashreq Neo keeping its spot at No. 10, and closing out this edition of the Provider Ranking.

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