For years, neobanks thrived on a single metric: customer growth. They were judged by how many millions of sign-ups they could rack up. But when venture funding started cooling due to macroeconomic headwinds, investors pressed for sustainable paths that deliver real returns on their capital. The focus shifted from growth at all costs to sustainable and  robust revenue streams. Now, investors began asking harder questions: where’s the profit? 

For digital banks, this meant finding new routes to profitable revenues. Lending was the obvious path, but it carried risk and capital intensity. Another, more organic lever soon emerged in the form of subscriptions. 

The wider economy has already embraced them, and many drivers are leading to their increased adoption: 

• The Subscription Economy Index 2025 shows that companies in the Index experienced a 25% increase in unique subscribers over two years. 
• Meanwhile, 84% of consumers say they’re still getting equal (50%) or greater (34%) value from their subscriptions despite uncertainty. 
• In the UK alone, the subscription market is projected to grow 19% annually, hitting £1.8B by end-2024. 
• And Gen Z is powering the surge. According to a recent Visa research, 9 in 10 are subscribed to at least one service, spending £305 a month on average (more than triple Gen X).

But subscriptions aren’t immune to headwinds. 

• According to GlobalData, 22% of UK consumers switched brands in 2024 based on lower pricing due to cost-of-living pressures. 
• In fact, almost 28% have reviewed their subscriptions to ensure they pay for what they use. Of these, 20% have already cancelled or plan to cancel because of rising costs.

Subscriptions, then, are a double-edged sword: sticky and scalable, but also exposed to economic mood swings.

It’s no surprise then that Europe’s fintech giants are racing to perfect the formula. Revolut, N26, and others raced ahead with premium tiers, selling travel benefits, lifestyle perks, and higher-yield savings as part of a monthly package. Revolut paved the way with Premium (2017), Metal (2018), and Plus (2020) tiers, adding Ultra in 2023 and hiking fees to reflect richer perks. Monzo, by contrast, stumbled out of the gate, shelving its first Plus plan in 2019 after a lukewarm reception. But the challenger regrouped, and in 2024 it relaunched with three polished tiers (Extra, Perks, Max) just as Revolut hiked its own fees to as much as £14.99.