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N26 (formerly known as Number 26) is a German neobank headquartered in Berlin, Germany. It was founded in 2013 in Munich in a Rocket Internet Incubator. It currently operates in many member states of the Single Euro Payments Area (SEPA). N26 provides a free basic current account and a debit card with available overdraft and investment products. It also provides premium accounts for a monthly fee. It is the mobile bank that helps its customers to manage their bank accounts on-the-go, track their expenses, and set aside money in real time. It offers easy account opening facilities right from the smartphones, and even allows its customers to start spending the money even before the physical card arrives to them.
In April 2016, N26 received €10 million in a Series A round by Valar Ventures, co-founded by Peter Thiel, PayPal’s co-founder. Initially Number 26 started transactions without holding a banking license; instead, it was simply an interface while the back end was provided by Wirecard. In July 2016, it re-branded as N26 Bank. In July 2016, N26 also announced its Fair Use Policy for customers residing in Germany. This created some resentment on social media. During the December of the same year, N26 announced that its basic current account would become available to 17 Eurozone countries. In March 2018, N26 raised $160 million in a Series C round by Tencent Holdings and Allianz X (Allianz). On the same date, N26 maintained a customer base of 850,000, with the intent of having 5,000,000 customers by 2020. In July 2019, N26 became available to customers living in the US, after initially suggesting a 2018 launch date.
Their mission is to create a bank that 100 million people around the world love to use, giving people the power to live and bank their way.
Their vision is to transform the management of money with the latest technology and the best minds from around the globe to change banking for the better.
