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N26 hits 7 million customer mark

Berlin-based challenger bank N26 has just surpassed the amount of 7m customers across Europe and the US.

The digital bank managed to add 2m customers during 2020 as it prepares to expand its subscription services and business banking offerings. This still puts the bank behind Revolut with 14m customers.

This information comes right after N26’s leadership bench extended with the appointment of Dr. Jan Kemper as Chief Financial Officer. Read more in the link below.

Read more: N26 announced the appointment of Dr. Jan Kemper as CFO

N26 has also disclosed tthe monthly transaction volumes which are about €5.5bn a month and is about to hire 200 new product and tech roles in 2021.

“Now more than ever, digitalisation and innovation are fundamental to Europe’s future,” N26 chief executive Valentin Stalf said. “We will continue to bring exciting everyday banking features to millions of additional customers who still feel stuck in the offline world.”

“As we celebrate our sixth company anniversary, it’s inspiring to see that millions of people trust N26 to put their financial interests first,” said newly-appointed co-CEO Maximilian Tayenthal.

“As a fully licensed digital bank, we have built a banking experience for the times we live in, not for a specific generation, especially in the confining and uncertain times we live in today,” he added.

N26 increased its sales from €43m to nearly €100m in 2019, but losses increased from €70m to €217m.

N26 also claims that it consolidated its losses during the last year, loweing the net losses in Europe from €165m in 2019 to €110m in 2020. However, N26 did not disclose its non-European losses.

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Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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