Founded in 2013, Berlin-based neobank N26 now serves 3.5 million customers in 24 European markets. The bank is now processing 16 million transactions per month – or about 400 transactions per minute – with a volume of over €2 billion per month. The startup has raised €466 million to date.
This milestone is illustrative of the shift in customer preferences for efficient, mobile banking, and shows that retail banking is undergoing a substantial transformation. Building on this success, the neobank plans to launch in the US in the coming weeks.
With N26 customers can open a bank account from their phone, send money to their friends in real time, access the latest mobile payment solutions and pay around the world without exchange fees. Around half of new customers join the mobile bank because of recommendation from family and friends who are already existing customers.
“Our very high recommendation rate of around 50% shows that customers love our product and appreciate that we approach banking differently,” said Valentin Stalf, co-founder and CEO of N26. “Building on its customer success in Europe, N26 is set to enter the US market in the coming weeks.”
The mobile bank has aligned the significant growth of its customer base with a strong investment in their workforce, and now employs over 1300 people representing 60 nationalities.
The company is headquartered in Berlin, but also has techhubs in Barcelona and Vienna as well as offices in New York & Sao Paulo.
“Our US launch marks the next logical step for N26 to become a global bank, as many more people around the world are looking for a simple and hassle-free banking experience,” said N26 co-founder Maximilian Tayenthal. “Already today we are one of the most valuable and well-funded fintechs in Europe and we will continue building a global banking player made in Europe.”