Reports · Oct 2025

How neobanks are quietly rewriting finance.

The next $350 billion shift is already happening.

While most still debate DeFi vs TradFi, neobanks are integrating stablecoins, tokenized dollars and onchain rails into real-world financial products.

We mapped 50+ big players and uncovered how LATAM became one of the strongest adoption hubs globally.

2025 laid the infrastructure, and 2026 will be about scale.

Key findings

MOIC mapped over 70 projects in the Web3 neobank ecosystem and placed 34 of them on a spectrum of retail, institutional, spending and savings; retail spending and cards is the most crowded segment. (p. 25)
MOIC estimates that Web3 neobanks are valued at under $5 billion combined, less than 7% of Nubank alone, while the top 3 traditional neobanks have over $150 billion in combined valuations. (p. 1)
According to Chainalysis, cited in the report, 64% of all crypto activity in Latin America takes place on centralized exchanges, second only to MENA at 66%, so MOIC advises neobanks to partner with local exchanges. (p. 42)
MOIC recommends a Brazil-first entry for Web3 neobanks in Latin America, citing 107.3 million Nubank customers in Brazil and PIX, the country's instant payment system, processing 42 billion transactions a year. (p. 42)
MOIC concludes that Web3 neobanks have a 12-18 month first-mover window in Latin America to win brand awareness, user trust and distribution partnerships before competition intensifies. (p. 48)

By Pedro Veiga · 57 pages · PDF