With £683 million in funding and a value of £3.5 billion, the German startup has its eyes on expansion into Europe and the US.
EU based digital bank N26 has chosen to stop operating in the UK in early February due the UK’s decision to leave the EU. Read our guide for alternatives to N26.
With the rise of digital banking and its growing appeal among millennials and all those looking for an easier and less bureaucratic alternative to traditional branch banking, it’s important to be aware of the heavy hitters in the digital banking world such as N26. The company’s mission is to make banking easy, straightforward and efficient for customers.
Here’s everything you need to know about the digital-only bank that’s shaking up the banking industry.
- Who founded N26? Valentin Stalf and Maximilian Tayenthal in Berlin in 2015.
- Where is N26 headquarters? The bank’s main headquarters are in Berlin, Germany.
- How much funding does N26 have? N26’s total funding is £682.8 million.
- How much revenue does N26 make? N26 made £58.2 million revenue in FY 2018.
- What’s N26’s valuation? The bank has a $3.5 billion market valuation (as of 17 July 2019).
N26’s growth over time
N26 has shown incredible growth and popularity among customers over the years, going from 200,000 customers in early 2016 to millions in 2019.
N26 has more than 3.5 million users and has its eyes on global expansion
The company now offers services in 23 European countries as well as in the United States and Brazil. According to the startup, in 2019 it had 250,000 daily active users.
Weekly Google searches for N26
Trailing behind Revolut, N26 also ranks as the second largest digital-only bank with over 3.5 million customers. This put the digital bank well above prominent competitors such as Monzo, Yolt and Monese.
|Bank||Total Customers (in millions) December 2019|
Along with having a large and growing customer base, N26 also has some of the happiest users in the digital banking industry. 86% of its customers gave the bank a positive rating, tying it with popular banks such as Monzo in terms of customer satisfaction and happiness.
In terms of investment and market valuation, N26 dwarfs other challenger banks. The company is now the highest-valued German startup and among the most valuable in Europe, ranking it in the top 10 of the most valuable fintech companies worldwide.
N26 is also the digital bank with the highest investment, with a £682.8 million. This high investment puts it ahead of competitors like Revolut and Monzo, who report lower investments than N26’s impressive numbers. The majority of the bank’s investment comes from venture capital firms such as Tencet Holdings, Horizons Ventures and Earlybird Venture Capital. Some funding has also come from individual investors such as David Schneider and Robert Gentz.
Out of the top three digital-only banks in the market, N26 has the highest market valuation at £3.5 billion. The bank’s market valuation far exceeds Monzo’s (£2.5 billion) and Revolut’s (£1.7 billion).
Accompanying the rapid growth has been an increase in size and the startup has now over 1,300 employees.
- Valentin Stalf – Founder and CEO
- Vladyslav Yatsenko – CTO
- Maximilian Tayenthal – Founder and CFO
- Eleonore van Boven – Chief people officer
- Gino Cordt – Chief data officer and CMO
- Robert Kilian – General counsel and chief representative
N26 office locations
- Berlin, Germany
- Vienna, Austria
- Barcelona, Spain
- New York, USA
- São Paulo, Brazil
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