N26 is one of a several neobanks that launched in the mid-2010s, which were aimed at breaking up the monotony of banking with well zero-fee services and well designed mobile apps.
Founded in Munich as one of the many startups incubated by Rocket Internet, N26 originally operated as the frontend interface which was backed by Wirecard. In 2016, it received a banking license from the financial regulator in Germany to operate on its own.
Since becoming a bank, N26 has added other services, such as a basic current account, savings and insurance.
It launched in the United States in 2019, partnering with Axos Bank to serve as the provider of services and insurer, but in November 2021 it announced plans to withdraw from the country. N26 had around 500,000 customers in the US at the time of announcement.
N26 also withdrew from the UK in 2020, citing an inability to operate in the country due to Brexit. N26 could have applied for a UK banking license, but other European neobanks, such as Revolut, have struggled in the past.
N26 sees its future as the dominant neobank in Europe, competing with Revolut and Monzo for the title. It has eight million customers across 24 countries, with its largest markets being Germany, France and Italy.
We have collected data and statistics on N26. Read on below to find out more.
N26 key statistics
- N26 generated €130 million revenue in 2020, a 30% year-on-year increase
- Over seven million people use N26 across 24 countries
- N26 was most recently valued at $9 billion, in a funding round led by Third Point Ventures and Coatue Management
N26 overview
| Title | Title 2 |
|---|---|
| Launch date | February 2013 |
| HQ | Berlin, Germany |
| People | Valentin Stalf (co-CEO, co-founder), Maximillian Tayenthal (co-CEO, co-founder) |
| Business type | Private |
| Industry | Mobile banking |
N26 revenue
N26 made an estimated €120 million revenue in 2021, a 66% increase on the previous year.
N26 annual revenue 2018 to 2020 (€mm)
| Year | Revenue (€mm) |
|---|---|
| 2017 | 33 |
| 2018 | 49 |
| 2019 | 72 |
| 2020 | 120 |
| 2021 | 182 |
Source: Company data
N26 users
N26 announced it had reached eight million users by the end of 2021, 3.7 million of which had regular deposits.
N26 annual users 2016 to 2021 (mm)
| Year | Users (mm) |
|---|---|
| 2016 | 0.1 |
| 2017 | 0.5 |
| 2018 | 1 |
| 2019 | 3.5 |
| 2020 | 5 |
| 2021 | 8 |
Source: Company data
N26 transaction volume
N26 reached €79 billion annual transaction volume in 2021, a 57% increase year-on-year.
N26 annual transaction volume 2017 to 2021 (€bn)
| Year | Transaction volume ($bn) |
|---|---|
| 2017 | |
| 2018 | |
| 2019 | |
| 2020 | |
| 2021 |
Source: Company data
N26 valuation
N26 was valued at $9 billion in 2021 and has said it intends to IPO in late 2022, although that may be pushed back to 2024 with the current tech stock crash.
N26 valuation 2019 to 2021 ($bn)
| Year | Valuation ($bn) |
|---|---|
| 2019 | 2.7 |
| 2020 | 3.5 |
| 2021 | 9 |
Source: Pitchbook
N26 vs competitors: users
Want to learn more? Read our mobile banking sector profile
N26 FAQ
How many countries is N26 active in?
N26 is active in 24 countries, which includes most of Europe
Where is N26 most popular?
France and Germany are the top countries by downloads, followed by Italy (Airnow)
Is N26 available in the UK?
N26 pulled out of the UK after one year, citing Brexit issues (Sifted)
Is N26 available in the US?
N26 also recently shut down operations in the US and said the move aimed to focus more on the core Europe business (CNBC)
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