In Switzerland, neobanking has moved past early adopters and into broader mainstream usage.

As of March 2026, the market attracted nearly 2.3 million customers, representing a penetration rate of approximately 25% of the country’s population of 9 million, according to new research by the Institute of Financial Services Zug (IFZ) of the Lucerne University of Applied Sciences and Arts.

This means that one in four people in Switzerland now holds a neobanking account, marking a notable increase from a reported 10% in 2020, according to the Swiss Payment Monitor (SPM) study by the University of St. Gallen and the Zurich University of Applied Sciences.

Neobanking leaders in Switzerland

The IFZ report, based on data and forecasts from the institute, as well as estimates from SPM survey results, show that Revolut maintains its lead with an estimated 1.2 million customers in March 2026, giving it 53% market share and making it the undisputed market leader in Switzerland’s neobanking landscape.

Founded in 2015, Revolut is one of the world’s biggest digital bank, boasting more than 70 million customers and 500,000 business customers across over 160 countries and regions. The company offers a mobile banking app with services including currency exchange, international money transfers, budgeting tools, and cryptocurrency trading. It aims to serve 100 million customers by mid-2027, and enter more than 30 new markets by 2030.

Yuh follows Revolut, continuing its upward trajectory in 2026, with an estimated 424,000 customers, up from 399,000 at the end of 2025. It captures nearly 19% of the market.

Launched in 2021 as a joint venture between PostFinance and Swissquote, Yuh is a digital banking platform that provides banking, payments, saving, and investing services. Swissquote acquired full ownership of Yuh in mid-2025, and is now working on tightening integration between its traditional trading platform and the newer Yuh app, which targets retail customers with simplified financial services. Yuh turned profitable in 2024.

Neon, another Swiss neobank, follows with 251,000 users (11%). Founded in 2017, Neon provides banking services through a mobile app, operating in partnership with Hypothekarbank Lenzburg. Its main appeal is low-cost, simple banking, offering features like a debit card, payments, and account management directly from a smartphone.

Other notable players include UK-based Wise with an estimated 183,000 users in Switzerland (8% market share); N26, a licensed digital bank from Germany, with 84,000 customers (4%); Zak, a mobile app operated by Bank Cler, with 83,000 customers (4%), and Alpian, a Swiss digital private bank that combines everyday banking with wealth management, with 31,500 customers (1%).

Neobanking matures

Despite strong growth, neobanking in Switzerland has yet to reach true critical mass. Scaling in banking is notoriously known for being expensive, slow and regulatory demanding. Consequently, several neobanking players have struggled to expand, leading some to pivot towards alternative focus areas.

Kaspar&, founded in 2020, initially launched as an investment app in collaboration with Hypothekarbank Lenzburg, offering account, card, investment, and Pillar 3a solutions. In 2024, the company pivoted to the business-to-business (B2B) market, providing its technology to banks as a white-label solution. In February 2026, Liberty Vorsorge AG in Schwyz acquired Kaspar& to strengthen its technology and digitalization expertise.

Similarly, Yapeal, a Swiss-based neobanking company founded in 2018, has shifted its focus towards its embedded finance offering. In March 2026, the company’s Board of Directors appointed Dr. Dominik Bollier as CEO, a role he now holds alongside his existing position as Chairman of the Board of Directors of Yapeal. Dr. Eidel will support Yapeal’s next phase of growth, driving strategic expansion and value-creating partnerships, and scaling its embedded finance business.

The global neobanking landscape

The neobanking industry has reached mainstream adoption worldwide. The sector now serves 1.4 billion accounts globally, representing 19% of total banking accounts, according to strategy consulting firm Simon-Kucher.

Leaders include Revolut, and Nubank, the latter claiming 131 million customers across Brazil, Mexico, and Colombia. Nubank claims that 62% of Brazilian adults are customers, showcasing widespread reach. Furthermore, over 29 million people obtained access to their first credit card thanks to Nubank, underscoring how the digital bank has improved access to finance.

In addition to these leaders, more than 20 institutions now exceed 10 million customers and roughly 100 have passed the one-million-user mark, according to a global analysis conducted by Simon-Kucher.

Beyond an expanding customer base, neobanks around the world are also seeing deepened customer relationships. Revenues per customer jumped to approximately US$100 per account per year in 2025, up from US$75 in 2023, according to the firm.

Featured image: Edited by Fintech News Switzerland, based on images by Who is Danny and kavalenkava via Freepik