From branches to agents
Digital Banking
Neobanks, banking apps, BaaS and embedded finance — the evolution of the banking interface, with the licensed machinery underneath.
Traditional banking
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Digital banking
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API banking
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Embedded banking
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AI-native banking
Each generation keeps the balance sheet and swaps the interface. Branches became apps; apps became APIs; APIs let banking disappear into other products; and the next interface is an agent acting for the customer. The regulatory core — licenses, deposit insurance, AML — survives every generation, which is why the infrastructure layers matter more than the front end.
NeobanksMobile bankingDigital accountsBanking-as-a-ServiceEmbedded bankingBanking APIs
Digital & challenger banks in the directory
| Bank | Jurisdiction | Regulator | Licensing |
|---|---|---|---|
| RevolutLondon | United Kingdom | PRA / FCA | Received a UK banking licence with restrictions from the PRA in 2024; its EU banking operations run under a Lithuanian banking licence within the euro-area framework. |
| N26Berlin | Germany | BaFin | Holds a full German banking licence granted by BaFin in 2016. |
| NubankSão Paulo | Brazil | Central Bank of Brazil | Regulated by the Central Bank of Brazil, operating through authorised payment-institution and licensed financial-institution entities rather than a traditional full-service bank charter. |
| MonzoLondon | United Kingdom | PRA / FCA | Holds a full UK banking licence granted by the PRA in 2017. |
| WeBankShenzhen | China | NFRA (China) | Licensed in 2014 as China's first privately owned digital-only bank, with Tencent as its largest shareholder. |
| KakaoBankSeongnam | South Korea | FSC / FSS (Korea) | Licensed as an internet-only bank in South Korea; it launched services in 2017 and listed on the Korea Exchange in 2021. |
Banking-as-a-Service layer
BaaS providers hold the license and the core so that non-banks can ship accounts, cards and payments as product features.