Etude comparative entre néobanques et banques traditionnelles en Europe

Abstract

This thesis compares the business models and strategic trajectories of three European neobanks (Revolut, Monzo, and Orange Bank) to explain why some challengers achieve scale and profitability while others stall. Using a qualitative multiple–case study design supplemented by targeted quantitative analysis, it draws primarily on banks’ annual reports (2015–2024). The analysis focuses on five key areas: cost structure, revenue generation, customer acquisition and engagement, product innovation and regulatory strategy within the context of the EU28. Findings show three distinct outcomes. Revolut has grown into a diversified ‘super-app’, reaching profitability in 2021. By 2024, it served over 60 million customers and posted £3.1 billion in revenue and £790 million in profit, with costs kept to just 56.3% of income. This shows that scale and profitability are possible when revenues are diversified beyond payments into lending, subscriptions, trading, and B2B services. Monzo, by contrast, took a more cautious, UK-focused path. After losing over £500 million between 2017 and 2023, Monzo finally turned a profit in FY2024, earning £15.4 million on £880 million in revenue. This turnaround was driven by interest income, lending (Flex), subscriptions, and steady ARPU growth, though efficiency stayed tight with a 97% cost-to-income ratio. Meanwhile, Orange Bank never reached profitability: in 2023 it brought in €270 million but lost €360.8 million, with costs six times higher than income, which ultimately forced its exit from retail banking. The analysis points to three success factors: diversifying revenues beyond payments, turning multibanking users into primary customers, and scaling costs with strong regulatory discipline. Revolut achieved this through breadth and leverage, Monzo through trust and gradual growth, while Orange Bank lacked clarity and scale. In the end, a neobank’s durability depends on balancing fast innovation with solid governance, compliance, and cost control to turn growth into lasting profitability.