過去十年，新型銀行－全數碼化的挑戰者銀行－由金融科技新貴蛻變成為金融業最有影響力的玩家之一。
在流動互聯網時代誕生，這些無實體分行的銀行已經在全球吸引了數以億計的用戶。從歐洲到亞洲以及美洲，新型銀行為科技敏感及長期受傳統銀行忽略的客戶，提供了現代化的銀行體驗。
它們的崛起正在重新定義個人如何管理金錢、付款以及獲取信貸的方式。
新型銀行的快速崛起，是受到多種因素共同推動。傳統銀行的高昂收費、過時的手機應用等用戶不滿，給予數碼優先選擇進佔空間。風險投資及科技投資者投入數十億資金，支持引領「重塑銀行業」的金融科技初創企業。
同時，智能手機普及和互聯網接入延伸全球，讓依靠手機程式的新型銀行可以以低廉成本吸納大量用戶。透過科技和數據，新型銀行實現了傳統銀行難以想像的增長速度，短短數年間估值已衝上千億美元。
截至2025年，新型銀行服務全球逾6億客戶，Nubank、微眾銀行、Revolut等領軍快速成長。即使如此，新型銀行按管理資產計仍只佔全球銀行業份額不足5%，但其影響力在已發展及新興市場均快速上升。
本文將介紹按2025年市值計，全球五大最大的新型銀行。
甚麼是新型銀行？
新型銀行是以數碼為本的銀行，主要或甚至完全透過手機應用及網上平台運作，毋須實體分行網絡。與傳統銀行不同，新型銀行無需維護舊有IT系統或昂貴的分行架構。
這令它們可提供低費用、高效能、專為手機設計的體驗，例如活期及儲蓄賬戶、支付與貸款服務。簡單而言，新型銀行讓客戶「帶著整間銀行走」。
新型銀行與傳統銀行最大分別在於科技驅動及經營模式。
它們多採用雲端系統及敏捷開發，可高速推出新功能。很多新型銀行利用數據分析和人工智能，為個人化服務或創新信貸評分。開戶及入門流程一般只需應用程式數分鐘，與傳統銀行複雜文書和等待期形成強烈對比。去除銀行痛點——如隱藏收費、24/7在線客服或即時通知支出動態——正是新型銀行的精神。
多數新型銀行初期會鎖定特定細分客群或產品。譬如，有些以預付卡或簡單流動活期賬戶起步，針對年輕人或受傳統銀行忽視的低端客戶；也有以免手續費換匯、高息儲蓄吸引用戶。專注小眾市場後拓展產品線，逐漸變成集活期、貸款、投資、保險及生活優惠於一身的「一站式」金融平台——一個app搞掂。
新型銀行另一特點是高度成本效益。無實體分行和精簡團隊（重度自動化）令經營成本極低，可轉而提供更好利率和低收費。
監管方面新型銀行亦有不同。有些持有完整銀行牌照或與傳統銀行合作，直接吸納存款及放貸；有些則只靠電子貨幣機構牌照或更寬鬆的框架。隨著在某些市場新型銀行變得系統性重要，其實亦越來越需要達到傳統監管標準，標誌著新型銀行逐漸成熟。
2025年市值最高五大新型銀行
以下介紹全球市值（公開上市公司以市值計、私人公司以最新估值計）最高五大新型銀行。
這些數碼銀行不僅擁有龐大客戶數字，亦憑多十億美元估值獲投資者青睞，來自不同國家，反映新型銀行全球化趨勢。
Nubank
市值：約600億美元
國家：巴西
Nubank 是全球最有價值新型銀行，也是拉丁美洲數碼銀行先驅。
2013年於巴西聖保羅創立，Nubank 以一張全紫色、免年費的 Mastercard 信用卡起家，所有操作全在手機 app 完成。
這種模式對當時被少數大銀行高收費及差劣服務壟斷下的巴西銀行市場來說相當顛覆。Nubank 的創辦人兼CEO David Vélez 經常提到自己當年在巴西開戶的麻煩體驗啟發他創建以「客戶為中心、免收費」的銀行。
正正因為擊中了消費者痛點，Nubank 快速在年輕及喜歡科技的巴西人口之間口碑爆紅。
最初數年，Nubank 未有獲發銀行牌照，只提供信用卡，卻取得驚人成績：數百萬巴西人為了遠離傳統銀行收費，搶著申請紫色卡。
其後，公司開展流動活期及儲蓄賬戶（利息具吸引力）、個人貸款，更加推保險及投資產品。隨著產品組合不斷擴展，Nubank 與用戶的黏著度也大大提升。到2025年，Nubank 服務超過1億客戶，覆蓋巴西、墨西哥及哥倫比亞，成為美洲客戶人數數一數二的大型金融機構。
調查顯示，約三成巴西成年人現時視 Nubank 為主力銀行，證明其在短短十多年已深度滲透市場。
Nubank 的爆發帶動全球投資者極高度關注。成長初期吸引 Sequoia Capital 、騰訊等著名基金支持；2021年更獲「股神」巴菲特旗下 Berkshire Hathaway 投資5億美元，再次引證國際投資者信心。Nubank 於2021年底於紐約證券交易所上市，成為當年最大銀行IPO之一。掛牌當下市值約450億美元，一度高於巴西最大傳統銀行。之後Nubank估值持續攀升，至2025年初約600億美元，反映營收增長和邁向穩定盈利能力令市場看好。
Nubank 之所以成功，關鍵在以科技主導加低成本營運。毋須分行、極度自動化，成本收入比例極低，有效降低開支同時快速擴充。英國《金融時報》曾指 Nubank 正好體現數碼模式如何「大幅壓低營運負擔」——這種效率令它可以大量免收費，依然保持高速增長。
Nubank 新客戶獲取成本低，每個新戶多靠推薦及自然流量，只需數美元，遠低於傳統銀行。這種效率，加上巴西高息環境，令 Nubank 能在本土賺取利潤。到2022年，Nubank巴西業務轉虧為盈，其集團盈利亦持續改善，同時仍以極高速增長。
Revolut
市值：約480億美元
國家：英國
Revolut 是歐洲領先的新型銀行，也是全球估值最高的金融科技公司之一。
2015年於倫敦成立，Revolut 最初以針對旅行市場的理財應用程式出發，主打多貨幣賬戶及可隨意切換貨幣的扣賬卡。
最早期最大賣點是讓用戶以貼近銀行間匯率、極低收費消費及兌換多種貨幣——對經常旅行或海外工作者來說，大幅節省傳統銀行高昂的外幣手續費。
這吸引數百萬用戶投入，Revolut 快速乘勢擴展服務。今天，Revolut 的應用程式被形容為「金融超級App」，涵蓋日常理財（預算、薪金入賬、繳費）、股票買賣、加密貨幣交易、P2P轉賬等各類功能。
and more, all in one place.
以及更多服務，一站式搞掂。
Revolut’s growth has been explosive. By late 2024, Revolut reported over 50 million users worldwide, up from around 15 million just a few years prior.
Revolut 增長速度極快。去到2024年底，Revolut 全球用戶已突破五千萬，只有數年前仲係一千五百萬左右。
The company has aggressively expanded beyond its UK base into the European Union (leveraging an EU banking license obtained via Lithuania), and further into markets like Japan, Australia, and the United States. The neobank’s user base spans over 35 countries.
呢間公司好積極咁由英國擴展到歐盟（利用通過立陶宛取得的歐盟銀行牌照），再進一步進軍日本、澳洲同美國等市場。依家呢間虛擬銀行嘅用戶已經覆蓋超過35個國家。
Revolut’s CEO and co-founder, Nikolay Storonsky, a former investment banker, has pursued global expansion with a relentless pace. This includes launching localized versions of the app, obtaining licenses in various jurisdictions, and tailoring services to new markets (for example, integrating with Japan’s domestic payment systems or supporting U.S. stock trading for American users).
Revolut 行政總裁兼聯合創辦人 Nikolay Storonsky（前投資銀行家）一向以極快步伐推動全球擴展，包括推出不同地區嘅本地化版本、喺唔同司法管轄區取得牌照，亦會根據新市場調整服務（例如融合日本本地支付系統，或為美國用戶提供美股交易）。
Storonsky’s ambition is for Revolut to become “the Amazon of banking” – a one-stop platform for all financial needs, available to anyone, anywhere. Storonsky 嘅願景係將 Revolut 打造成為「銀行界嘅 Amazon」——任何人、任何地方都用到嘅一站式金融服務平台。
In terms of financial performance, Revolut has made significant strides that back up its lofty valuation. The company’s revenue has been climbing dramatically as it adds new fee-based services and its customer activity increases. Notably, Revolut turned profitable in 2021 on a yearly basis, and this trend only accelerated.
財務表現方面，Revolut 嘅成績進步明顯，證明咗佢高企估值背後有實質基礎。公司收入隨住新增收費服務同活躍用戶增多而大升，最值得留意係，2021年起每年都開始賺錢，而且增長仲加快咗。
By 2024, Revolut announced a pre-tax profit of over £1 billion for the year – a milestone that confirmed its business model can generate serious earnings at scale. Revenues in 2024 roughly doubled from the previous year to about £3.3 billion, driven by growth across multiple streams: interchange fees from card transactions, subscription fees from its premium account tiers, foreign exchange fees, cryptocurrency trading spreads, and interest income from lending and deposits.
去到2024年，Revolut 宣佈全年稅前盈利超過10億英鎊，創公司新高，證明佢商業模式確實能夠產生大規模盈利。2024年收入大約同比增長一倍至33億英鎊，主要來自多個範疇，例如卡消費手續費、高級帳戶月費、外匯兌換費、加密貨幣交易差價，同埋貸款及存款利息收入。
Investor confidence in Revolut is evident from its valuation trajectory. In its last funding round in 2021, Revolut was valued at $33 billion, making it the UK’s most valuable startup at that time. Since then, internal shareholder updates and secondary market interest have suggested an even higher valuation. By 2025, some estimates put Revolut’s implied market value at around $48 billion. Reports surfaced that in early 2025, Revolut even rebuffed a potential share sale that would have valued the company at an eye-popping $60+ billion, indicating that management and investors believe in further upside.
投資者對 Revolut 信心相當高，估值一路升。2021年最新一輪融資，Revolut 已經值330億美元，當時係英國最值錢嘅初創。其後多次內部股東資料和二手市場都反映價值進一步上升。去到2025年，有估算話市值達到480億美元左右。有消息指2025年初，Revolut 拒絕出售部分股份，因為對方估值超過600億美元，反映管理層和投資者對未來更加有信心。
While still a private company, Revolut is frequently compared to its publicly listed peer Nubank. As of early 2025, Nubank’s market cap (around $60 billion) is somewhat higher, but Revolut’s growth rate in developed markets has led analysts to argue it could justify an equal or greater valuation in the future if it continues its trajectory. Revolut’s success has also minted its founders as fintech billionaires and has drawn prominent investors, including venture funds and companies like SoftBank and Tiger Global, which have poured capital into fueling its expansion.
雖然 Revolut 仍然未上市，但經常被拿來與已上市同業 Nubank 作比較。到2025年初，Nubank 市值約600億美元，比 Revolut 仲高，但因為 Revolut 喺成熟市場增長更快，有分析認為佢將來值千億市值都合理。Revolut 的成功亦令創辦人成為金融科技億萬富翁，並吸引國際著名投資者（包括軟銀、老虎環球等）注資支持擴張。
Despite its success, Revolut has faced some growing pains and regulatory hurdles. The company has been awaiting a full UK banking license for an extended period – an application that has been closely watched by regulators due to concerns around compliance and risk controls as Revolut grew extremely fast.
儘管發展咁成功，Revolut 都有遇到成長痛同監管阻滯。公司一直等緊正式英國銀行牌照批出，監管機構對合規同風險管理特別關注，原因係 Revolut 發展太快。
The delay in obtaining this license in its home country (as of 2025) means Revolut operates under an e-money institution license in the UK, which somewhat limits its activities (for example, it can’t offer credit directly in the UK yet).
由於去到2025年都未取得本地銀行牌照，Revolut 目前喺英國只能用電子貨幣機構牌照經營，有限制佢部份業務（例如未能直接喺英國提供借貸）。
However, it has a European banking license and has launched credit products in a number of EU countries. Revolut’s management has invested in beefing up risk and compliance teams to meet regulators’ expectations. Observers say this is part of the maturation process of a fintech that is no longer small – Revolut must now meet the standards of a large bank. Incidents like a delayed filing of its 2021 financial accounts (due to auditing challenges) have drawn scrutiny, but so far the company has worked through them without major setbacks. In the long run, obtaining full banking licenses in key markets like the UK and US remains a priority that would unlock even more growth (allowing it to take insured deposits and lend more freely).
不過，佢已經持有歐洲銀行牌照，並開始喺多個歐盟國家推出信貸產品。Revolut 管理層亦大力投資風險及合規團隊，以配合監管要求。觀察者認為，呢啲係大型金融科技公司成熟過程——Revolut 而家要達到大型銀行標準。例如2021年財務報告遲咗交（因審計困難），都受到關注，但公司已平穩解決，未有重大挫折。長遠而言，喺英國及美國等主要市場獲得完整銀行牌照依然係首要任務，可以打開更多增長空間（如接受受保存款及更自由放貸）。
WeBank
微眾銀行
Market Cap: ~$32 billion
市值：約320億美元
Country: China
國家：中國
China’s WeBank is the largest digital bank in Asia and a trailblazer in purely branchless banking on an enormous scale.
中國微眾銀行係亞洲最大嘅數碼銀行，都有份開創大規模純網上銀行先河。
Founded in 2014, WeBank holds the distinction of being China’s first online-only private bank. It was established by a consortium led by tech giant Tencent (the company behind the ubiquitous WeChat app), along with other partners, as part of a government pilot program to encourage internet-driven financial inclusion.
微眾銀行成立於2014年，係中國首間純網上經營的民營銀行。由騰訊（即微信母公司）聯同其他合作夥伴成立，亦都係政府試點推動網絡金融普及化其中一個成果。
From its inception, WeBank’s model has been radically different from traditional Chinese banks: it operates entirely via digital channels, primarily through integrations with Tencent’s platforms, and it focuses on using technology to make small loans to individuals and small businesses quickly and efficiently.
由成立開始，微眾銀行模式已經同中國傳統銀行截然不同：完全靠數碼渠道經營，主要係透過騰訊平台整合，用科技快速、高效咁向個人同細企發放小額貸款。
Leveraging Tencent’s massive user base, WeBank has acquired customers at a pace unseen in Western markets. By 2025, WeBank reportedly serves hundreds of millions of customers in China – by some accounts over 300 million users have taken up its services, making it the world’s largest digital bank in terms of customer count.
憑住騰訊龐大用戶基礎，微眾銀行吸引用戶既快又多，西方市場難以相比。到2025年，據報微眾銀行中國客戶數已達數億，部分說法指超過三億人用過，論客戶數全球排第一。
This means WeBank has more customers than many of China’s “Big Four” state-owned banks, despite being just around a decade old. Its core offerings include high-yield savings accounts, payments, and personal and SME loans, all delivered through a smartphone interface. One of WeBank’s flagship products is a microloan service that provides consumer credit in seconds via the WeChat app, using AI-driven credit assessments.
即使開業不足十年，微眾銀行客戶人數已經超越好多中國「四大」國有銀行。主要產品包括高息儲蓄、支付同個人及中小企貸款，全部手機端搞掂。當中一個重點產品係即時微額貸款，用戶喺微信 app 度幾秒就可以申請到消費信貸，全靠人工智能信貸評分。
This service has extended credit to tens of millions of users, many of whom are in segments that previously found it difficult to borrow from traditional banks (such as individuals without established credit history or small merchants).
呢個服務已經為幾千萬人提供信貸，當中好多以往喺傳統銀行借唔到錢（例如冇信貸紀錄嘅個人、或者細微商戶）。
In terms of market valuation, WeBank’s success has made it a heavyweight among privately-held fintech companies. It is often referred to as one of the world’s most valuable unicorns (startups valued over $1 billion). According to a 2024 report by the Hurun Research Institute, WeBank was valued around 235 billion Chinese yuan, roughly $32 billion USD, making it the 10th largest unicorn globally across all industries.
喺市場估值方面，微眾銀行已站穩全球金融科技獨角獸領先地位。佢成日被形容為最值錢嘅初創之一。據胡潤研究院2024年報告，微眾銀行估值約2350億人民幣，折合大約320億美元，排全球十大獨角獸。
This valuation reflects both WeBank’s vast customer base and its profitability – notably, WeBank has been profitable for several years, a rarity among neobanks worldwide. Thanks to low operating costs and the high interest margins in its lending business, WeBank achieved early profitability just a few years after launch and continues to post robust earnings. Its return on equity would be enviable even for a traditional bank, demonstrating that a pure-digital model can be lucrative at scale.
呢個估值係因為微眾銀行龐大客戶基礎，加埋本身長期盈利——對於全球大部分虛擬銀行來講都好罕見。由於營運成本低、信貸利息收入高，微眾銀行開業短短幾年已經達至盈利，而且業績仲好穩定。淨資產回報率連傳統銀行都會羨慕，證明純網上模式夠大規模都可以賺到錢。
WeBank’s close relationship with Tencent has been a critical ingredient in its growth. By being deeply embedded in WeChat – China’s superapp used for messaging, payments (WeChat Pay), and much more – WeBank gains access to an enormous pool of potential customers with very low friction. A user can, for instance, get a WeBank loan through a mini-program in WeChat without ever visiting a branch or filling out lengthy forms. Tencent’s data on social and payment behavior (subject to privacy rules) also helps WeBank underwrite loans in a novel way.
同騰訊嘅緊密合作係微眾銀行發展關鍵。銀行深度嵌入微信——中國國民級超級 app（包括通訊、支付微信支付等），基本零門檻就攞到極大量潛在新客戶。例如有用戶可以直接喺微信小程序申請微眾貸款，無需去分行或者填長長的表格。騰訊手上既社交同消費數據（符合私隱規例下）都幫微眾創新方式審批貸款。
Using machine learning, WeBank can evaluate creditworthiness of young consumers or small businesses quickly, often extending microloans that are repaid via auto-deductions in the app. This focus on microloans and inclusivity aligns with Chinese regulators’ push to increase credit access for small enterprises and individuals lacking collateral. WeBank’s average loan sizes are relatively small, but by handling huge volumes with automation, it manages risk and scale effectively. The bank also offers deposit products and links to investment funds via the app, keeping customers within its ecosystem.
靠機器學習，微眾銀行可以極速評估年輕消費者或細企業信貸狀況，好多時直接批出微額貸款，還款自動喺 app 扣數。專注小額貸款和普惠金融正好配合中國監管部門推動信貸下放畀中小企或者冇抵押品的個人。微眾銀行平均貸款金額好細，但依靠自動化同高用戶數量控制風險及規模。銀行仲有提供存款及基金投資產品，都係 app 內完成，令用戶黐實自己生態圈。
Another noteworthy aspect of WeBank is its contribution to technological infrastructure. The bank developed its own core banking system and has been a proponent of fintech innovation such as blockchain.
微眾銀行另一個亮點係對金融科技基礎建設嘅貢獻。銀行自行研發核心銀行系統，大力推動區塊鏈等金融創新。
In fact, WeBank built an open-source blockchain platform (FISCO BCOS) that is used in various projects in China, from trade finance to charitable donation tracking. This signals that WeBank doesn’t see itself just as a bank, but as a tech company in finance, similar to how Western neobanks like to identify. WeBank’s President has emphasized the bank’s identity as a “tech-driven bank” and its commitment to research and development. In recent years, WeBank has even begun exporting its technology – for instance, partnering with financial institutions in other countries to share its fintech solutions, and exploring opportunities in fintech-as-a-service.
微眾銀行更開發咗開源區塊鏈平台（FISCO BCOS），已經喺中國各行業應用，例如貿易融資、慈善捐款追蹤等。證明微眾銀行唔只視自己為銀行，更當自己是金融科技公司一員，和西方虛擬銀行嘅自我定位一樣。總裁更強調銀行係「科技驅動」以及專注科研。近年微眾銀行更開始「技術出口」：例如同海外金融機構合作，將金融科技方案帶去國外或者發展「金融科技即服務」。
While less public-facing globally than Western neobanks, WeBank’s influence is significant. It proved that digital banks can scale to hundreds of millions of users and be profitable, essentially by aligning with a tech ecosystem (WeChat) that users already live in. Its success has spurred other Chinese tech firms to launch digital banks (for example, Ant Group’s MYbank is a comparable venture by Alibaba).
雖然微眾銀行喺國際曝光率無西方虛擬銀行咁高，但影響力非常大。佢證明數碼銀行只要依附大型科技生態圈（如微信），其實可以培養過億用戶規模還可以長期盈利。微眾銀行成功之後，中國好幾間大科技公司都相繼成立網上銀行（如螞蟻集團的網商銀行即阿里巴巴旗下類似產品）。
Chime
Chime
Market Cap: ~$25 billion (USD)
市值：約250億美元
Country: United States
國家：美國
Chime is often hailed as America’s largest digital bank,
Chime 經常被認為係美國最大虛擬銀行…known for its mission to provide low-cost banking to everyday people.
以向普羅大眾提供低成本銀行服務為宗旨而聞名。
Founded in 2013 in San Francisco, Chime set out to challenge the hefty fees and complexities of the U.S. banking industry. Its formula was straightforward but powerful: a fee-free checking account, no minimum balance, a debit card with broad ATM access, and user-friendly features like getting your paycheck up to two days early via direct deposit.
Chime於2013年在三藩市成立，旨在挑戰美國銀行業高昂收費及繁複條款。其經營模式簡單但有力：免月費支票戶口、無最低結餘要求、可於大量ATM提款的扣賬卡，還有一些貼心功能，例如透過直接過數可提早最多兩日發薪。
From the beginning, Chime’s target audience was those frustrated by bank fees – including younger customers and households living paycheck-to-paycheck who could ill afford monthly maintenance charges or overdraft fees. By partnering with regional banks to hold deposits (rather than holding a full bank charter itself initially), Chime was able to offer accounts with FDIC insurance while focusing on delivering a slick mobile app experience.
Chime由創立開始已針對一班對銀行收費感到不滿的用戶——包括年輕人和靠人工生活的家庭，這些人難以負擔月費或透支罰款。藉著與地區銀行合作（最初不自持完整銀行牌照），Chime既可提供FDIC存款保險，又可專注於為客戶提供流暢的手機App體驗。
By 2025, Chime has attracted well over 20 million customers, making it by far the largest neobank in the United States by user count.
到2025年，Chime吸引超過2,000萬名客戶，成為美國用戶人數最多的純網上銀行。
This rapid expansion was aided by aggressive marketing and a period during the late 2010s when direct deposit of salaries into Chime accounts became trendy among gig economy workers and others looking to get paid faster. Chime’s “Get Paid Early” feature, which allows users to access their paycheck as soon as the employer’s payroll files come through (often two days before the usual payday), proved to be a huge draw.
Chime能夠迅速擴張，除了積極市場推廣，還受惠於2010年代末期一段時間——不少自由工作者及追求更快發薪的人士開始直接將薪金過數入Chime戶口。Chime的「提早出糧」功能，讓用戶一收到僱主過數資料（通常較正常發薪日早兩日）便可提取工資，成為極受歡迎的賣點。
Additionally, Chime introduced innovative features like SpotMe, which lets qualifying customers overdraft their account by a modest amount (e.g., $20, later increasing up to $200 for some) without incurring overdraft fees. These consumer-friendly features earned Chime a loyal following, particularly among millennials and Gen Z users seeking simplicity and fairness in banking.
Chime亦推出多項創新功能，例如「SpotMe」，合資格客戶可透支戶口小額金額（如首$20，部份人更可提高至$200），而無需繳任何透支罰款。這種以用戶為先的設計，成功吸納不少忠誠用戶，特別是追求簡單和公平銀行服務的千禧世代和Z世代。
Financially, Chime has been a venture capital darling. It raised multiple rounds of funding as its user base swelled, reaching a peak valuation of around $25 billion in 2021 amid a wave of enthusiasm for fintech. That made Chime one of the most valuable fintech startups in the world at the time, even surpassing the valuation of some mid-sized publicly traded U.S. banks. Chime’s main revenue source has been interchange fees earned whenever customers use their Chime debit cards – a model that relies on volume of transactions, given that Chime doesn’t charge monthly fees or overdraft fees.
在財務上，Chime深受風投追捧。隨著用戶群壯大，多次成功融資，於2021年金融科技熱潮期間估值曾高達約250億美元，一度超越部份中型美國上市銀行，成為全球最有價值的fintech初創之一。Chime主要靠用戶刷卡時產生的手續費（interchange fees）營利，因為它不收月費亦免通常的透支罰款，這令其營運需依賴大量交易帶動收入。
This model, while scalable with enough users, meant that Chime operated on thin margins initially and reinvested heavily in growth. For several years, the company focused on acquiring users (often through hefty referral bonuses and marketing, including high-profile sponsorships like an NBA team partnership) and was not profitable.
這種模式在用戶夠多下可極速擴張，但初期盈利空間甚小，需要不斷大手投資在擴展上。好幾年間，Chime主要專注吸納新客（如推高額推薦獎賞、積極廣告、參與NBA球隊贊助等），連年錄得虧損。
However, as Chime matured, it started taking steps toward sustainable finances. The company reported over $1.7 billion in revenue for 2024, up roughly 30% from the previous year, thanks to its growing customer activity.
但隨著Chime業務成熟，逐漸邁向財政穩健。2024年收入達17億美元，較上年增約三成，主要因客戶活動增加。
More importantly, Chime made significant progress in narrowing its losses. In 2023, Chime’s net loss was about $200 million – sizable in absolute terms, but much improved from a loss of nearly $500 million the year before.
更重要的是，虧損有明顯收窄：2023年淨虧損約2億美元，雖仍然龐大，但較前一年的5億美元大幅改善。
By the first quarter of 2025, Chime achieved a major milestone: it turned a net profit for the quarter (around $13 million profit on $519 million quarterly revenue). This was a clear signal to the market that Chime’s business can generate earnings once scale is reached and costs are controlled. The improvement came from a mix of factors: user growth (more card transactions and thus more interchange revenue), introduction of new services (like a secured credit card product that can generate interest income and fees), and a pullback on some of the ultra-heavy marketing spend as Chime’s brand became established. Chime’s CEO, Chris Britt, has indicated that the company was focused on proving its unit economics and readiness to be a public company.
到了2025年第一季，Chime首度錄得季度盈利——營業收入5.19億美元，淨賺約1,300萬美元，向市場展示其業務達到規模效應後，有能力賺錢，只要成本受控。主因包括用戶數持續增長（帶動更多刷卡手續費）、推出新服務（如有息及收費的抵押信用卡），以及品牌鞏固後減少過去極重的市場推廣開支。CEO Chris Britt亦明言，企業現階段正致力證明自身單位經濟效益及具備上市條件。
In fact, in 2025 Chime took the significant step of filing for an initial public offering (IPO), signaling that it is preparing to transition into a publicly traded company. This move had been anticipated for a couple of years, but market conditions and the company’s desire to shore up profitability delayed it. With the stock market rebounding and Chime showing a profitable quarter, the timing appeared right. The IPO, if successful, could give a clearer picture of Chime’s true market value.
事實上，2025年Chime已正式申請上市，預備成為上市公司。外界早已預期Chime會上市，惟礙於市況及希望加強盈利能力而押後。現時股市回暖，加上錄得首季盈利，成為理想時機。上市若成功，Chime的實際市場價值亦會更加明朗。
SoFi
Market Cap: ~$14 billion
Country: United States
SoFi (short for “Social Finance”) is a U.S.-based neobank and fintech company that has carved out a unique space by offering a broad suite of financial services under one roof.
SoFi（即「Social Finance」）是美國一間純網上銀行和金融科技公司，憑著在同一平台下提供多元金融服務，成功建立獨特地位。
Unlike many neobanks that started with simple banking accounts, SoFi’s origins were in student loan refinancing. Founded in 2011 in California, SoFi initially helped university graduates refinance high-interest student loans at lower rates, using an innovative alumni-funded lending model. Over time, the company expanded into personal loans, mortgages, and investment products, eventually transforming into a comprehensive digital financial platform.
與不少由簡單銀行戶口起家的neobank不同，SoFi最初源自學生貸款再融資服務。2011年於加州成立，最初幫助大學生畢業生以校友資金模式，將高息學生貸款以低息再融資。隨著業務發展，SoFi進軍個人貸款、按揭及投資產品，最終演變為一站式數碼金融平台。
Today, SoFi offers checking and savings accounts, credit and debit cards, stock and crypto trading, robo-advisory investing, insurance, and more – a true one-stop-shop for personal finance. In 2022, SoFi even obtained a national bank charter in the U.S. (by acquiring a small community bank), which marked a pivotal point in its evolution from fintech startup to regulated bank holding company.
現時SoFi產品覆蓋支票及儲蓄戶口、信用卡、扣賬卡、股票及加密幣交易、機械顧問投資、保險等，是實至名歸的一站式理財平台。2022年SoFi更成功取得全國銀行牌照（透過收購小型社區銀行），正式由fintech初創企業轉型為受監管銀行控股公司，成為關鍵里程碑。
By 2025, SoFi has grown to serve over 5 million customers (or “members,” as the company calls them) and boasts a market capitalization around $14–15 billion. It’s one of the few neobanks that is publicly traded – SoFi went public in 2021 via a merger with a SPAC (Special Purpose Acquisition Company).
至2025年，SoFi全美服務人數增至超過500萬（公司稱其用戶為"members"），市值約140至150億美元，是少數已上市的neobank之一——2021年經與SPAC（特殊目的收購公司）合併方式上市。
While its stock price saw ups and downs since listing, reflecting broader tech sector volatility, SoFi’s revenue growth has been consistently strong. In 2024, the company generated roughly $1.6 billion in total revenue, and this figure has been climbing at a double-digit pace annually as SoFi expands its offerings and cross-sells to its member base. Notably, SoFi’s decision to become a bank (through its subsidiary SoFi Bank) allowed it to start funding a larger portion of its loans with customer deposits instead of relying purely on wholesale markets. This strategy improved SoFi’s margins, since deposits are a cheaper source of funding for loans. By early 2025, SoFi had gathered over $10 billion in customer deposits, reflecting user trust in it as a banking home, not just a lending or investment app.
自上市以來，股價反覆波動，反映整體科網板塊升跌起伏。但SoFi收入一直強勁增長，2024年總收入約為16億美元，隨著產品線擴展及向現有會員交叉推廣，每年持續雙位數增幅。特別一點是，SoFi決定成為銀行（旗下SoFi Bank），由只靠批發市場，轉為以客戶存款資助更多貸款。這令SoFi資金成本下降，盈利能力提升。至2025年初，客戶存款超過100億美元，顯示用戶對其認同不僅限於借貸或投資，願意以其作為主要銀行。
One of SoFi’s core strengths is its “flywheel” business model – the company aims to grab customers via one product and then encourage them to use multiple others within the SoFi ecosystem.
SoFi其中一個核心競爭力是其「飛輪效應」業務模式——首先透過一項服務吸納用戶，然後誘導他們使用SoFi生態圈內的多項產品。
For example, a new graduate might come to SoFi to refinance a student loan, then open a SoFi Money checking account, then start investing through SoFi Invest, and perhaps later get a mortgage through SoFi – all managed through the SoFi app and website. SoFi’s CEO, Anthony Noto, has emphasized that providing a full spectrum of services is key to increasing lifetime value per customer.
舉例，一位畢業生初時可能為了再融資學生貸款用SoFi，之後再開立SoFi Money支票戶口，其後再經SoFi Invest開始投資，甚至日後通過SoFi申請按揭——全部都可於其手機App或網站完成。CEO Anthony Noto多次強調，提供全面服務才可增加客戶終生貢獻價值。
The company actively promotes this cross-buy behavior by offering benefits like rate discounts on loans if you use direct deposit in a SoFi bank account, or additional rewards if you invest via SoFi. SoFi also differentiates itself by branding its customers as “members” and providing them with perks beyond banking: career coaching, financial planning sessions, referral bonuses, and even exclusive access to events (SoFi famously bought the naming rights to SoFi Stadium in Los Angeles, host of the 2022 Super Bowl, partly as a marketing move to boost brand awareness). All these efforts aim to build a holistic relationship with customers, fostering loyalty and engagement across the financial spectrum.
SoFi積極推動交叉消費行為，例如若在SoFi銀行戶口用入息自動過數，即可獲貸款利率折扣；又或者經SoFi投資可享更多獎賞。SoFi亦特意將用戶塑造成"members"，並提供銀行以外多元福利，如職涯諮詢、財務規劃、推薦獎賞、甚至獨家活動入場資格（如著名的SoFi取得洛杉磯SoFi Stadium命名權，該場館更曾舉辦2022美式足球超級碗，成為推廣品牌的重要一環）。目標是與客戶建立全面關係，提升用戶忠誠度和參與度。
By late 2023, SoFi began reporting positive adjusted EBITDA (a measure of core profitability), and it has publicly guided that it expects to achieve GAAP net profitability by late 2023 or early 2024. Analysts largely agree that SoFi is on a credible path to hit sustained profitability, given its revenue growth and improving operating efficiency. In fact, a note from bank analysts at KBW in mid-2024 struck an upbeat tone, stating that SoFi had “laid the groundwork for several years of industry-leading revenue growth,” thanks to its expanded bank capabilities and diverse business lines. Becoming a bank has not slowed SoFi down – instead, it unlocked new growth.
至2023年底，SoFi錄得正面的調整EBITDA（核心盈利指標），亦公開預計最快於2023年底或2024年初達到GAAP淨利潤。大部分分析師認為以其收入增長及營運效率提升，有望實現持續盈利。KBW銀行分析師2024年中發報告都認為，SoFi已為行業領先的收入增長奠定基礎，多元化業務及銀行牌照成為主要動力。成為持牌銀行，非但無拖慢SoFi發展，反而開拓全新增長空間。
Since Anthony Noto (a former Twitter COO and Goldman Sachs banker) took the helm in 2018, SoFi has refocused and aggressively expanded. One major external challenge hit in 2020–2021: a U.S. federal moratorium on student loan payments (as part of pandemic relief) dampened a key segment of SoFi’s business for nearly two years. SoFi responded by diversifying even faster into areas like personal loans, investing, and banking, thereby lessening its reliance on student loan refinancing.
自2018年由Anthony Noto（前Twitter營運總裁及高盛銀行家）上任後，SoFi聚焦戰略推進迅速擴展。2020–2021年曾遇上重大考驗：疫情下美國聯邦政府暫緩學生貸款還款期，令SoFi最初賴以起家的業務近兩年受壓。SoFi即時加速進軍個人貸款、投資及銀行領域，減低對學生貸款重組的依賴。
As that moratorium lifts in 2025, SoFi actually stands to benefit from the normalization, as many borrowers will once again look to refinance student debt – potentially giving SoFi’s original business a second wind.
隨著該暫緩措施於2025年解除，SoFi反而因為學生貸款市場恢復，不少借款人再次尋求再融資，有望令公司傳統主業重現生機。
Another distinctive aspect of SoFi is that it is not just a consumer-facing app, but also a technology provider to other fintechs and banks. SoFi has a division called SoFi Technologies that includes Galileo (a payment processing platform acquired in 2020) and Technisys (a core banking software provider acquired in 2022). These B2Bservices power the backend of numerous fintech apps and even some traditional financial institutions. This means SoFi is somewhat akin to an “AWS of fintech” on top of being a consumer bank.
👉 許多金融科技應用程式，甚至部分傳統金融機構的後台服務，都是由這類服務所驅動。這即是話，SoFi 除了本身係一間消費者銀行之外，某程度上亦有啲似「金融科技界嘅 AWS」。
As of 2025, SoFi finds itself in a leadership position among U.S. neobanks. With a market cap around $14 billion, it’s not as highly valued as the private-market heights of Chime or the global scale of Nubank or Revolut, but it has something none of them have yet: the credibility of being a public company with a bank charter and diversified revenues. SoFi’s stock trades on the NASDAQ, offering a level of transparency into its performance that allows for apples-to-apples comparisons with traditional banks. So far, SoFi’s price-to-revenue multiples suggest the market views it as a high-growth tech-infused bank. The coming years will test whether SoFi can fulfill the high expectations of growth and profit.
👉 去到 2025 年，SoFi 已經喺美國數碼銀行中處於領先地位。佢市值大約 140 億美元，雖然唔及 Chime 私人市場估值咁高，又或冇 Nubank 或 Revolut 咁全球化，但 SoFi 有一樣其他對手未做到嘅嘢：佢係一間擁有銀行牌照、收入來源多元化嘅上市公司，具備極高公信力。SoFi 股票喺納斯達克交易，俾到市場一個高度透明嘅業績表現，方便直接同傳統銀行做比較。到而家為止，SoFi 嘅市銷率反映咗市場視佢為一間高增長、科技驅動嘅銀行。未來幾年將會考驗 SoFi 能否達到高速增長同盈利嘅高期望。
Closing Thoughts
The rise of neobanks has been a transformative force in global finance.
👉 數碼銀行興起，已經成為全球金融界一股強大嘅變革力量。
In little more than a decade, these digital-only banks have grown from fringe experiments into mainstream institutions serving tens of millions of people and commanding valuations on par with century-old banking groups. Through a relentless focus on technology, user experience, and underserved markets, neobanks have expanded access to financial services and driven incumbents to raise their game.
👉 不到十幾年時間，呢啲純線上銀行由邊緣實驗變成主流機構，服務過千萬用戶，估值更可以媲美有百年歷史嘅大型銀行集團。靠住專注科技、用戶體驗同深耕未被照顧嘅市場，數碼銀行大幅擴展咗金融服務覆蓋面，亦迫使傳統銀行要提升自己嘅競爭力。
The top five neobanks we profiled – Nubank, Revolut, WeBank, Chime, and SoFi – exemplify both the achievements and the ambitions of this sector. Each started with a bold idea to fix what was broken in traditional banking, whether it was exorbitant fees, poor service, or lack of access.
👉 我哋介紹嘅五間代表性數碼銀行——Nubank、Revolut、WeBank、Chime 同 SoFi——都好好地體現咗呢個行業嘅成就同野心。佢哋一開始都係為咗解決傳統銀行嘅痛點，例如高昂手續費、服務差或者太難接觸金融服務，抱住大膽嘅想法創業。
Through innovation and sheer execution, they grew at astonishing speed, proving that customers were ready for a different kind of relationship with their money. Along the way, these companies also had to prove that the flashy growth could translate into viable business models. As of 2025, we see clear evidence that it can: several neobanks are now profitable, and all five of the leaders are financially stronger and operationally wiser than their early startup days.
👉 依靠創新同埋出色執行力，佢哋以極高速增長，證明咗市場其實早就等緊一種全新嘅理財模式。當然，喺急速擴張背後，佢哋都需要證明到咁搶眼嘅增長係可以變成可持續、賺錢嘅商業模式。踏入 2025 年，呢點已經有明顯證據︰愈來愈多數碼銀行實現盈利，而我哋介紹過嘅五強，財務同營運表現都比初創時更加穩健成熟。