Since 2010, more than 310 neobanks have launched around the world, attracting an estimated 39 million users globally. Out of the 300+ ventures to have ever launched, 256 were live as of late-2020 with nearly half (111) located in Europe, data from European management consulting firm Exton Consulting show. Inside Financial Services: Neobanks 2021, Exton Consulting, 2020 Neobanks, also known as online banks, virtual banks or digital banks, are a type of direct banks that operate exclusively online without traditional physical branch networks. These fintech-based financial providers are challenging traditional banks by offering services digitally either through their own banking license, or through banking partners. Europe leads neobanking