It’s been an exceptional five years for unicorn N26. Today, five years on from launching its Mastercard, the bank has hit 5 million users. FinTech finds out more.
Five years on from the bank’s inception, January 26 2015, N26 has now reached a whopping 5 million users. 2019 was the biggest year of growth for the bank, as the customer base grew by 2.5 million. The bank’s US$470mn funding round cemented it as one of the highest valued fintechs worldwide and as of 2019, it was the first European fintech to enter the US market. Internally, the company has matched this growth, increasing from 300 employees to 1,500 across 80 nationalities.
N26’s last major milestone was the launch of Shared Spaces, a product created to consolidate finances between joint accounts without the need for a joint account. Designed to improve flexibility, the product can be used for splitting bills and rent, sharing the cost of a gift and saving for a group holiday for up to 10 people.
“When we launched Spaces in 2018, this pioneering feature was one of the first in the market to introduce personalised sub-accounts, so users could set aside money based on their personal preferences and needs. Shared Spaces is a natural extension of this, and builds further on our efforts to deliver the most flexible banking experience in the world,” said co-founder Valentin Stalf.
N26 was founded by Valentin Stalf and Maximilian Tayenthal in 2013. The N26 Mastercard was officially launched in 2015.
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