N26: record number of customers for the Mobile Bank
N26: record number of customers for the Mobile Bank
Fintech

N26: record number of customers for the Mobile Bank

By Eleonora Spagnolo - 23 Jan 2020

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Mobile Bank N26 reaches 5 million customers globally. This major achievement came just five years after its launch on January 26th, 2015.

N26 was founded in Berlin by Valentin Stalf and Maximilian Tayenthal, offering a free standard bank account and becoming the first challenger bank (i.e. the type of banks that do not have physical counters and only operate via apps and smartphones) to obtain a European banking license. In a short time, it broadened its horizons to 26 markets.

However, 2019 marked the turning point for the N26 Mobile Bank. Last year, in fact, the growth of the bank, known for launching the revolutionary mobile account, practically doubled. And that’s not all. The company entered the US market as the first European challenger bank and opened a Tech Hub in Vienna. 2019 was also the year of the launch of new products such as: 

  • N26You, the account that offers travel insurance and free withdrawals worldwide;
  • Shared Spaces, to manage the shared account in an even easier and social way.

Italy is one of the main markets, along with Germany, France and Spain. 

In Italy, customers have practically doubled from 300,000 in January 2019 to 500,000 in August. In terms of jobs, N26 has a large number of employees from Italy, which is the second most common nationality, particularly in the Barcelona office. In total, N26 has as many as 1500 employees of 80 nationalities divided into 5 locations around the world. A big step forward compared to the 300 people of only two years ago. It is also a very sought-after job as demonstrated by the approximately 150,000 applications received in 2019 alone

According to Maximilian Tayenthal, co-founder and CFO of N26:

“2019 was not just a year of growth, but also conscious investment in our product, our people, and the service experience. It has been a phenomenal journey so far, and we continue to improve banking for more and more customers daily”.

Valentin Stalf, co-founder and CEO of N26, added: 

“5 million customers is a great achievement, but it’s not just growth that we are after. We are today, one of the biggest players in digital banking. But we have not forgotten our original mission – to challenge an industry that is ripe for change. N26 has proved that banking can be simple and intuitive through the use of technology”. 

Andrea Isola, General Manager Italy N26, commented on the results achieved in 2019:

“2019 was definitely a pivotal year because it saw the N26 reach the US market, the opening of the Tech Hub in Vienna and the implementation of new products and features such as the N26 YOU account and Shared Spaces. Significant news that confirm our desire to continue to transform the banking experience around the world. This global development, however, can only be accompanied by a strong focus on the different local ecosystems, to increasingly meet the needs of specific targets. In Italy we have moved in this direction, forging high value-added partnerships with recognized brands. For example, with Pam Panorama and ViaCash, we have implemented our Cash26 service, which allows for withdrawal and deposit at the affiliated points of sale; in the case of YOU and Metal cards, we have expanded our portfolio with Italian partners such as Yoox, Glovo, WeRoad, Velasca and Legami, taking into account the local aspect and the interest of our clients. We have also strongly focused on customer experience by expanding the coverage of our contact centre with Italian agents 7 days a week, from 7 AM to 11 PM.”

2020 is expected to be full of novelties for N26. The first is the redesign of the app with the aim of making it easier for customers to navigate, accelerate payments, view even more data on their spending habits and switch to “private mode” to safely operate the bank during travel. 

 

Eleonora Spagnolo
Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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