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Challenger banks continue to show high growth of customers. N26 recently celebrated the milestone of 5 mln customers, Revolut reportedly secured 10 mln customers, and Nubank over 20 mln.

Meanwhile investment appetite remains strong with record-height valuations: Chime for example recently raised $500 mln at a $5.8 bln valuation; last summer Robinhood raised $373 mln at $7.7 bln valuation; and Revolut reportedly is eying a $1.5bln mega funding round at ca. $10 bln valuation.

Amidst of this continued strong growth, we have made an analysis on the value per customer. Our analysis shows that the market typically values neo banks at $750-1,000 per customer (later stage, post-money).

The UK banks are valued higher, but in its home currency are also valued in the range of £750-1,000 per customer. Monzo for example was valued several times at exactly £1,000 per customer (pre-money).

Note that the value per customer is dependent on the business model and customer types, valuing business customers and credit activities higher.