Neobanks of 2022: How Osterus Became the Workforce Benchmark of Digital Banking

Julian Herzog
8 min readMay 26, 2022


The economic scene is teeming with innovative technologies that make it easier for people and businesses to trade, complete purchases, or manage their finances. Large tech companies, and venture capital firms aim most of their business endeavors at concepts such as decentralization and token-based economics. In recent years, cryptocurrencies made an impact, creating a massive ripple effect across the global market.

Why Do Neobanks Attract Investors?

Crypto, however, isn’t the only thing on investors’ minds these days. Neobanks (or digital banks) are becoming increasingly popular, as they continue to provide functions, which traditional banks find hard to beat. They are leaving their own mark in the financial world and it looks like they are here to stay. What’s more, the global neobanking market size is expected to reach US$ 2,048.53 billion by 2030.

Why do neobanks attract investors? Well, because neobanks attract customers. For example, with neobanks users can set up accounts easily and quickly, practically anywhere. In addition, they provide a greater range of services such as payment and money transfers that can be accomplished at a moment’s notice.

We see a lot of key players in the current neobank market, including Revolut, N26, Monzo, Chime, and many others. What are some of these companies actually about? Who are the people behind them?

Discovering more about the workforce of these neobanks, might just be your shortcut to a well-diversified portfolio with steady long-term growth of your investments.

The Market of Mobile and Digital Banking

Recent stats have shown that nearly 90% of consumers are using mobile banking. Now digital banking, in general, is seeing tremendous growth right now, but a huge part of that market goes to neobanks. Users are looking for fast, seamless transactions, not to mention software that’s secure and risk-free. Of course companies like N26, which is strictly mobile-based, can release updates and new features with great speed onto Apple and Android app stores. Security, however, remains a challenge, which most banks are constantly struggling with. This means that banks like N26 have to be a regulated organization in a regulated industry, which in turn means their tech partners also have to adhere to strict security protocols.

In the US, for example, neobanks — also known as digital-only banks — are currently in position to overcome traditional US banking simply because they meet the demands of tech-savvy consumers. For the US specifically, it was predicted that there will be almost 40 million account holders by 2025.

N26 Enters the Scene

German neobank N26 (HQ in Berlin) launched 2015 and has built up an extensive client profile, in addition to providing services in the United States. While the bank did face certain difficulties and was forced to close numerous accounts, they are still doing pretty well. N26 is looking ahead despite these setbacks, and has recently opened offices in Brazil. At the moment, N26 has more than 7 million customers, spanning across 25 markets.

The company is valued at US$9 billion, and has raised nearly US$ 1.8 billion from investors.

They are scaling up their business, and at present they have mustered a workforce of 1000 employees worldwide.

N26 characteristics:

  • Accounts: personal and business accounts
  • Accessibility: easy to open account
  • Monthly fees: none — free payment worldwide
  • Chatbot support 24/7: yes
  • Other benefits: Deposit protection, up to €100,000, 0.1% cashback, etc.


Nubank is definitely an interesting example of a thriving neobank. As a tech business Nubank has grown from a modest workforce to employing well over 8,000 people. They have 48.1 million users — that impressive figure actually exceeded the Bank of America’s total, until early in 2022 when the $3.1 trillion banking giant caught up.

Recently, we made a thorough analysis of Nubank’s workforce profile, which effectively indicates some nifty facts about how the company operates internally. For one thing, unlike fintechs such as Revolut, Nubank does not outsource its customer service operations. Moreover, Nubank works across several financial verticals and in many countries. That is a mere glimpse. To discover more cool facts, check out our in-depth analysis of the Nubank workforce.

Nubank characteristics:

  • Accounts: personal and business accounts.
  • Monthly fees: none
  • Accessibility: easy to open online.
  • Loans: yes
  • Investments: yes
  • Hidden fees: none

N26 vs Nubank — Master’s Degree Comparison

Let’s draw a comparison between these two neobanks — N26 and Nubank. Osterus enables us to delve deeper into workforce education. So, when we focus on university degrees from both banks, an intriguing insight emerges. Workforce education degree distribution at N26 shows a greater percentage of employees with Master’s Degrees. Things are a bit different at Nubank.

It’s worth noting, of course, that Nubank has a considerably larger workforce than N26, albeit it still brings certain questions to mind. How does education affect digital banking businesses? What are the hiring tendencies of these influential neobanks?

Digital Banks of the United Kingdom

Let’s take a moment to examine the digital bank market in the United Kingdom. Two of the biggest players in that particular region are Monzo and Revolut.


Looking at Revolut, they already boast a huge user base. In the past few years the bank has gained over 5.8 million customers. Additionally, they have obtained a banking license in the European Union and have expanded to the United States. Meanwhile, they are spreading across Asia, and intend to launch in Hong Kong soon. Obviously, their goal is to become a global bank and right now they are extremely efficient at it. Their users can invest in anything from traditional stocks, to precious metals and cryptocurrency. Revolut is already valued at US$33 billion.

In terms of how it builds its workforce, Revolut has a unique set of practices and strategies. They keep things relatively even when it comes to years of Average Work Experience in Job Titles. One job title that sticks out though, is software development. It appears that Revolut prefers to hire developers with at least 6 years of experience in previous job positions. In short, they aim to have as many experienced people behind their software/product as possible. Clearly we’re looking at a company that prefers fine-tuning its product and ensuring quality. Take a look at the Osterus stats below:

Revolut characteristics:

  • Products: Checking, Savings, Crypto
  • Monthly Fee: $0 — $17
  • Interest Rates: 0.07% on your savings (US)
  • Currencies: accepts 150 different currencies
  • Use age gate: account for kids aged 7 to 17
  • Other benefits: weekly spending insights


Another UK-based neobank, Monzo, is also competing for its spot in the market of digital banking. Apart from the UK, they are licensed for banking in Australia, and are also going to expand to the US. Apart from the usual shebang offered in numerous modern-day apps, Monzo is known for offering a few interesting features, such as budget planning. They also provide services to business users, which increased its market influence even further. Back in December 2021, they were valued at US$4.5 billion.

Monzo characteristics:

  • Products: Checking, Savings (“Pots”)
  • Monthly Fee: None
  • Interest Rates: None in U.S. / 1.4% (for UK and European cards)
  • Customer support 24/7: Yes
  • Transfer: Free bank transfer within the (UK)
  • Other benefits: Budget and categorize spending

Revolut vs Monzo: Hiring Practices Comparison

To really notice value in a company, we have to look beyond simple data. Drawing comparison with competitors is key. In this instance, utilizing AI-powered Osterus workforce metrics, we can reach a wide range of cool insights regarding Revolut and Monzo. It’s interesting to note that both banks have relatively similar hiring practices: recruiting employees that come from multinational bank, Hsbc.

Another key finding is that the largest percentage of employees working at Monzo appear to have come from UK bank, Barclays.

Similar insights can be made if we look closer at specific positions / jobs within the banks. Have a gander below:

As you can see, quite a large number of employees in both neobanks have arrived from Hsbc. However, if we look at software development, in particular, we can see that Revolut welcomes people from Epam Systems, while Monzo appears to hire from Amazon (and Google) — log into Osterus to get more detailed data).

Revolut vs Monzo: University Comparison

To reiterate, both neobanks are headquartered in the United Kingdom, albeit they are not just determined to hire people with solid job experiences in similar positions in other companies. Higher education is an essential component in the hiring process of both banks. If we filter education according to job titles (in this case Product Development), we can see a number of preferred colleges and universities.

Through the Looking Glass of Digital Banking

At this stage, it appears that the expansion of the neobanking market cannot be stopped, which makes that particular field ripe for investment. The growth in this industry can be attributed to demand for neobanking services from younger consumers. However, looking closely at these banks enables investors to gain powerful workforce data, which leads to even more powerful market insight.

That way, venture capital firms can easily expand and improve investment portfolios by unlocking:

  • Better understanding of the neobanks’ growth based on hiring metrics.
  • Better analysis and benchmarks of a competitor’s workforce.
  • Vital data that can be accessed instantly.
  • Deep insight into work-experience.
  • Deep insight into education and university background.

Companies can also gain direct insights into major cities across the globe, establishing additional valuable metrics based on cost structures, and the quality of life.

Having the right data leads to better business decisions. So, don’t hesitate to try out the Osterus workforce analytics software.

Reach out to us, schedule a demo and find out how valuable workforce data can help you uncover amazing investment opportunities.



Julian Herzog

Founder of — see my full bio there :-)