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N26 celebrates 7 million customers globally
January 28, 2021 GMT
NEW YORK, Jan. 28, 2021 /PRNewswire/ N26, the mobile banking platform redesigning banking for the 21st century, today celebrates surpassing seven million customers across Europe and the U.S., proving the strength of its digital value proposition.
The company grew its overall customer base by an additional two million since January 2020, reinforcing its position as one of the fastest-growing digital banking platforms in Europe and the U.S.
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Over 2020, N26 focused on improving and scaling its digital banking offerings to keep pace with its customers’ changing needs. With more consumers turning to digital solutions amid the pandemic, N26 continued to see strong growth as people looked for new ways to bank safely from home without ever visiting a branch.
Digital bank N26 hits more than 7m customers
The fintech player has nearly 200,000 customers in Ireland in a hotly contested market for digital banking.
German challenger bank N26 has surpassed 7m customers across Europe and the US in the highly competitive space for banking apps.
The digital bank added 2m customers in the last year as it prepares to expand its subscription services and business banking offerings.
In Ireland, it has just under 200,000 customers and it expects to reach that milestone in the first quarter of this year. Its users are predominantly aged between 20 and 34 but it has seen upticks in older age segments.
December 17, 2020 @ 9:00 am By JD Alois
N26, a Germany based Fintech, says it plans another funding round before a possible initial public offering (IPO) in 2023 at the earliest, according to a report. As well, the digital bank is predicting break even at some point in 2021 as it seeks to turn the corner in its growing operations.
Reuters quoted
“If we list on the stock exchange in three years that would be fast.”
Like most promising early-stage companies, management seeks to remain private as long as possible due to the ocean of private capital and the onerous cost of going public including the expense of ongoing reporting requirements.