N26

German neobank with mobile banking services

Categories

Financial and Banking  
Summary

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.


History

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.


Mission

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.


Vision

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.


Recognition and Awards
2021: Ranked #1 in Forbes’ List of Best Banks in the world. 2021: Celebrated 7million customers across 25 markets.

References
N26
Leadership team

Valentin Stalf (Co-founder and Chief Executive Officer)

Maximilian Tayenthal (Co-founder and co-CEO)

Industries

Financial and Banking

Products/ Services
Banking, Credit cards, Finance, Financial Services, FinTech
Number of Employees
1,000 - 20,000
Headquarters
Berlin, Germany
Established
2013
Revenue
100M - 500M
Social Media

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Fri Mar 01 2024
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