N26 now serves 3.5 million customers in 24 European markets, which make 16 million transactions per month. This equates to 400 transactions per minute, with a value of more than 2 billion per month. Tens of thousands of these customers are located in Netherlands. The milestone confirms shifting consumer preferences and that the retail sector is undergoing a significant transformation. The continued growth of N26 is a clear signal that the mobile banking provides customers’ need for a simple and transparent banking experience, with no hidden costs.
Proportional to the significant growth of the customer base, the mobile bank has invested heavily in personnel, with the company now has 1,300 employees in 60 different nationalities in locations worldwide. Although headquartered in Berlin, the company also Tech Hubs in Barcelona and Vienna and offices in New York and Sao Paulo.
A basic approach to banking
Customers can open a bank account through their phone, in real time, send money to friends, access the latest mobile payment solutions worldwide and pay no extra cost. Approximately choose half of the new customers for mobile banking through recommendations from family members or friends who are already customers. “Our high recommendation rate of around 50 percent shows that customers love our product and appreciate that we are banking on approaching a different way,” said Valentin Stalf, co-founder and CEO of N26.
Expanding US market
Building on the success in Europe, N26 will be the next few weeks to enter the US market. “Our US launch is the next logical step N26 to be a global bank. Indeed, there are many people around the world looking for a simple, hassle-free way of banking. We are already one of the most valuable and highly-funded FinTechs in Europe, and we will continue to build a global bank set up in Europe, “says co-founder Maximilian Tayenthal N26.