How Digital Banks Revolut, Black Banx and Nubank Expect to Aid the Global Economy?

The last decade has seen a shift from customers moving away from traditional banks and favoring digital financial services instead. Technological advancements and an increase in cross-border payments have made digital banking more popular than ever, with Nubank, Revolut, and Black Banx being the most notable organizations. By making accessibility to finance easier and improving inclusivity, digital banking is a driving force for a developed global economy.

The main players


As the largest fintech in Latin America, Nubank reported 75 million customers at the end of 2022, with 70 million of those located in Brazil. Its client base grew by 39% last year and is expected to expand into a global force throughout the remainder of 2023. Nubank’s numbers stem from filling a gap in the market. Founded in 2023, its creators were aware of the country’s extortionate banking fees and sought to provide residents of the region with an alternative way to bank, open to everyone regardless of their financial situation. As a result, Nubank immediately drew in many unbanked citizens upon its launch.

In 2017, the company was able to onboard 4 million customers, with around 20 million stuck on a waitlist as the bank struggled with the demand. Last year they reported a revenue of $4.7bn, an astonishing amount and one likely to rise as the bank expands worldwide as the service is currently primarily available in Colombia, Mexico, and Brazil.

Black Banx

Launched and solely invested by German billionaire Michael Gastauer, Black Banx, a Toronto-headquartered digital bank, is focused on providing seamless access to financial services on a global scale. With plans encompassing credit options and region expansion, the service has recorded 28 million customers with an onboarding rate of 1.3 million new clients a month. Gastauer, who has both educational and decades of work experience within finance, noticed the need for more options for the underbanked and crypto customers. Black Banx was devised as a solution to the gap in the market.

Since 2015, over $1.1bn in revenue has been garnered, with the company on track to reach $1.9bn by the end of the year (2023).

Its cryptocurrency proposition is unique. Bringing in a set of customers that traditional banks tend to turn away due to crypto’s unregulated nature, Black Banx allows this demographic to pay third parties directly from the app and move their crypto assets into a cold wallet if they wish– an element other digital banks shy away from.


As a European leader, Revolut recently passed 30 million customers globally. From spending to investments and money management, Revolut offers customers a wide range of services, including getting paid a day early, car insurance, and general financial services; the fintech has made a name for itself.

According to, the fintech service launched in 2015 has approximately 38 million app downloads, with 8.7 million of those in the UK. Its UK share is large, with 6.8 million of Revolut’s customers from the nation making up almost a quarter. Additionally, more than one in ten UK adults (13%) have a Revolut account.

Aiding the global economy

As the digital banking market expands and traditional banks incorporate online banking into their strategies, individuals can open bank accounts, access a range of services and conduct payments, all from the comfort of a smartphone app. This new ability has significantly aided financial inclusion and empowered private clients, small and medium enterprises, and marginalized communities, encouraging them to save, invest and keep track of their wealth. By enhancing their financial literacy this way, these groups end up making better financial decisions and participating in the global economy, something they previously needed help to do with only the presence of the physical traditional banking system.

The world is experiencing growing interconnectedness due to heightened trade and cultural interaction. Penned as globalization, cross-border transactions play a crucial role in the economy. Digital banks, such as Black Banx, have made cross-border trade almost instantaneous. With lower fees and faster processing times, international payments are quicker and safer than ever.

Digital banking also connects businesses and customers globally, often through eCommerce. Online marketplaces enable firms to contact customers across boundaries, promoting international trade and economic cooperation. Digital banking promotes global economic integration and allows firms of all sizes to engage in the global market by streamlining cross-border transactions.