The Greek neobank Snappi has recorded particularly strong momentum in its first year of operation, compared with the first-year performance of key rivals such as Starling, Monjo, Revolut and N26. According to Snappi’s management, this reinforces the view that the neobank will deliver twice the performance in 2027.
Under its guidance, Snappi aims to increase the number of users of its app to 400,000 from the current 260,000. Daily inflows are running at €1 million, and deposits are targeted to reach €500 million, up from €130 million today. Loans to individuals are expected to total around €90 million in 2027.
It is worth noting that only 25% of Snappi’s customers are currently also customers of Piraeus Bank. This shows that the neobank, in which Piraeus is a shareholder, is developing its own momentum and is not wholly dependent on its shareholder’s customer base.
The first-year performance of its rivals, which provides a basis for comparison with Snappi’s progress, was as follows:
- In their first year of operation in the UK, Starlink, Monjo and Revolut recorded 210,000, 100,000 and 200,000 users, respectively. N26 recorded 100,000 users in its first year in the German market.
- In terms of market share, Snappi captured 2.6% of the market in its first year, while its key rivals recorded figures ranging from 0.1% to 0.3% in their respective first years.
Growth drivers
One of Snappi’s key growth drivers from now on will be the expansion of its partnerships with retail groups. The neobank already works with Public and the Cosmos Sport chain, and further strategic commercial agreements of this kind are expected to follow soon, according to sources.
The Cash Now, Pay Latter programmes are a key tool for Snappi customers using these commercial services. “Snappi is a suite of digital services, not just a digital platform for deposits and loans,” neobank sources told Euro2day.gr.
Alongside partnerships with retailers, the bank’s management is expected to focus on organic growth, adding new products to the digital platform. In September, for example, the neobank launched S-Invest, an investment product with a low minimum investment that has already attracted 3,500 customers.
The app’s feature allowing customers to store even government documents (e-gov passes) is helping raise awareness of Snappi.
The customer rewards programme is also proving effective, according to the same sources, offering cashback of more than 2% to customers who carry out their day-to-day transactions through the Snappi app.