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The global neobanking market was valued at approximately $98 billion in 2023 and is projected to grow to $3.4 trillion by 2032, with a compound annual growth rate (CAGR) of 48.6% from 2024 to 2030ⁱ. The banks’ digital-first solutions and the continuing demand for customer-first convenience offerings are at the heart of this growth story.
While neobanks are revolutionizing the banking industry, going global and growing sustainably in any economic or regulatory environment is hard. Routefusion’s Unified Payment API, backed by one of the most seasoned teams in the industry, helps neobanks address payments and compliance-related challenges with confidence.
While we break down the benefits of partnering with Routefusion below, tech-savvy readers can also go directly to our API docs to learn more.
This white paper explores how Routefusion's unified payment API can help neobanks overcome these challenges, streamline payment processes, and enhance service offerings.
In order to stay competitive with both existing incumbent banks and an increasingly crowded landscape of new banks, neobanks must stay competitive in not just their digital offerings, but in operational efficiency and customer satisfaction.
Cross-border transactions for Neobanks are often complex and costly, regulatory compliance demands are resource-intensive, fraud prevention requires robust security measures, and integrating multiple payment systems is often cumbersome. These challenges can create bottlenecks in operational efficiency and customer satisfaction, impeding future growth prospects.
There are approximately 180 currencies recognized as legal tender in 195 countries worldwide. This number includes both widely used international currencies and those used in specific regions or countries. Managing multiple currencies requires frequent exchanges and conversions, which can incur significant costs. Fluctuating exchange rates can also introduce volatility and risk, affecting pricing strategies and financial planning.
They need to have the right banking partners across every region, which can be time-consuming and expensive.
These traditional banking partners are often slow, expensive, and complicated, creating a bottleneck for neobanks that aim to provide seamless international services.
