MENAT’s Most Prominent Neobanks in 2024

In 2024, the Middle East, North Africa, and Turkey (MENAT) region saw the rise of prominent neobanks, reshaping the way people manage their finances. At the forefront is Turkey-based Papara, leading the pack with a staggering 21 million customers and an estimated valuation of US $2 billion. In the UAE, Emirates NBD-backed Liv. has secured an estimated 800,000 customers, with a valuation of US $600 million.

As financial services become increasingly digitized, newer players like YAP, Wio, and Zand are gaining traction by offering innovative solutions beyond traditional banking: YAP focuses on app-based retail banking, Wio blends digital banking with SME solutions, and Zand is an independent full-service digital bank. Furthermore, recent players such as STC Bank are making waves as a Sharia-compliant digital bank, while Now Money focuses on low-income and unbanked customers. With this digital-first revolution, digital banking in MENAT is set to expand even further in the coming years.