In 2021, N26’s net losses widened to 172.4 million euros, from 150.7 million a year earlier
At the same time, the revenues of the Berlin-based mobile bank jumped 50.3% to 182.4 million euros.
For several years, N26 and Revolut have been fighting over who is going to become the most attractive neobank in Europe.
However, this battle is particularly cash-intensive, and the Berlin mobile bank was able to see this once again in 2021.
“In 2021 we consolidated our leading position among European digital banks. We have continued to invest in our product and our team, as well as in the scalability of our platform. On average, our customers open our app three times a week,” says co-founder and CEO Valentin Stalf in a press release.
“This makes us the mobile bank with the most active customers in Europe and is also reflected in a significant increase in transaction volume by around 60% to over EUR 80 billion,” he added.
N26 has been refocusing its resources on core European markets after high-profile exits from the U.S. and U.K. The firm closed down its U.S. operations in January but is still active in Brazil. The Berlin-based startup previously withdrew from the U.K. in 2020, citing Brexit.
CEO Valentin Stalf told reporters he expected a 30% increase in revenues in 2022 due to higher interest rates, but CFO Jan Kemper declined to say when the bank would break even.
N26 ran into a rough patch in 2021, when in September of that year it was fined by Germany’s financial regulator for lapses in money-laundering controls, following on from orders in May.
