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Online banking usage in the UK increased steadily between 2007 and 2024. In 2007, around one-third of the adult population used online banking services, rising to 88 percent by 2024. This level of adoption places the UK among the highest in Europe, exceeded primarily by Nordic countries. By comparison, the European Union average remained just below 70 percent, underscoring the UK’s relatively advanced position in the adoption of digital banking services.

Leading online banks in the UK

There are several online banks headquartered in the UK, including Revolut, Monzo, Starling, Monese, and Atom Bank. As of 2025, Monzo was the most well-known, popular, and used online bank, followed by Starling and Revolut. Established in 2015, Monzo is one of a growing number of disruptor or challenger banks that run accounts online through mobile apps. 

Fintech in Europe

The European fintech sector expanded rapidly over the past decade, driven by advances in digital payments, lending platforms, and financial infrastructure. The number of fintech companies grew sharply during this period, reaching close to 10,000 by 2025. More recently, however, the pace of new fintech formation has slowed noticeably, reflecting tighter funding conditions, market consolidation, and increased regulatory scrutiny. Within this landscape, the United Kingdom has emerged as the leading fintech hub in Europe, hosting more than 3,500 fintech companies by the end of 2025.