The Top 50 Finance Apps

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The finance app market covers a broad range of personal and business financial needs, from everyday banking and payments to investing, budgeting and credit management. The services available have expanded to cover complex financial goals and tasks, such as accessing loans, insurance and building an investment portfolio. Mobile-first services, such as neobanks and zero-commission investment apps, have challenged the status quo.

Billions of people access mobile payments and wallets everyday, especially in Asia Pacific which has skipped the web interfaces for mobile-first finance tech. Neobanks, which are mobile only banks, generate close to $40 billion annually according to the Finance App Report. Several stock trading and crypto exchange apps generate billions each year through transaction fees alone.

There is a healthy mix of banks and neobanks in our top 50, showing how upstarts have challenged the status quo and the incumbents have fought back to regain market share and win over new, younger users. Revolut, broadly popular in Europe and starting to gain traction in North America, is the lead app in Tier 1 West installs.

Banks that have transitioned better to mobile have seen their installs grow more successfully than others. Chase, for example, has focused heavily on its mobile experience and has even launched a neobank in the United Kingdom.

Payments are where the web and mobile usurped the previous systems, by enabling users to pay friends, family and bills through electronic payments and peer-to-peer transactions. PayPal was one of the original disruptors, launched in the late 1990s and the dominant payment service during the 2000s.

Cash App and Venmo were both built to make sending money between friends and family easier in the U.S., which was way behind on simple bank transfer technology. Google Wallet enables users to save all their cards in one place. Wero Wallet is a new type of cross border wallet in Europe, enabling super fast payments across Belgium, France and Germany.

Some banking apps are primarily focused on budgeting and money management, with systems set up to round up spending into savings, provide users with access to payroll a few days early and get insights into their spending habits and what to cut back on.

Splitwise is a brilliant tool for shared houses and splitting bills. Rocket Money provides users with tools to cancel subscriptions and reduce the cost of bills. Brigit, Dave and MoneyLion all provide early payroll and quick credit services, which lets a customer access a portion of their payroll a few days early.

There are several finance apps that help facilitate cross border payments, usually reducing the cost of the transaction and improving the reliability of it landing in the person’s account. Apps like Remitly, Western Union and Wise do this by removing the need to input long IBAN or SWIFT codes, and removes the fees typically associated with cross border payments by performing two domestic transfers instead.

The split between old and new is on clear display with investments and trading. Robinhood was one of the first trading apps to offer zero-commission stock trading, which forced the rest of the market to reduce fees or remove them entirely. Fidelity Investments was founded a year after the second World War ended, but has transitioned well into the mobile market with strong research tools and low costs.

Crypto is still a fascination for many and the services available on crypto exchanges have expanded to include earn and yield products similar to savings accounts, derivatives and advanced trading on futures and perpetual contracts and debit cards to pay in crypto.

Coinbase, Crypto.com and Binance are at the forefront of this evolution from buy-and-sell platforms to full financial ecosystems. Enhanced security services from Trust Wallet are available, ensuring customer crypto does not get lost in the ether.