We checked our finance apps over 1 trillion times last year.
Image source: Photo by bruce mars from Pexels.
Names like Nubank, Tez, the Cash App, PayPay and Monzo stole the title of ‘breakout finance apps’ of 2019, after achieving hyper-growth last year.
The ranking, collated by App Annie, looked at year-on-year growth of Apple and Android app downloads and found that traditional banking players were ceding ground to these upstarts.
In the UK, Monzo, Starling Bank and Revolut were among the top five finance apps with the highest year-on-year growth, the only high street bank to make the list was Virgin Money with its credit card app that debuted in February 2019.
Overseas the picture was similar with Tez (Google Pay in India), the Cash App (Square’s mobile payments service in the US) and DANA (a mobile wallet in Indonesia), all outperforming local high street players.
Globally the monthly active user bases of the top challenger financial services grew 20%, while traditional banking financial services grew just 15%.