Berlin-based mobile-only bank N26 says it has tripled its user base in the past year, bringing its customer total to 300,000.
Read more: NUMBER 26: how to launch a digital-only bank
Founded by Maximilian Tayenthal and WIRED Money speaker Valentin Stalf in 2015, the company has evolved from a fintech startup into a fully-licensed bank, now operating in 17 markets within the EU. To date, N26 has processed more than €3bn (£2.6bn) in transaction volume.
While the bank uses an N26 Mastercard, all account and card functions can be monitored and controlled directly within its mobile app. As a result of its real-time, smartphone-orientated approach, it has managed to accrue a young customer base - 42 per cent are aged 25-34.
First launched in Germany and Austria, N26 began as a checking account with Mastercard. Building on this partnership, customers are able to withdraw money from any ATM that services Mastercard customers, as well as paying without the need for cash where Mastercard would otherwise be accepted. Furthermore, its Cash26 feature, currently active in Germany, allows you to redeem money through a barcode system at selected cashiers, at no extra cost.
N26 focuses on real-time banking, with push notifications to confirm every card and account transaction, including international transfers, blocking or unblocking a card, ordering a new card and changing a PIN.
The service is available across 17 countries in Europe, including Finland, France, Italy, Spain and Portugal, with total N26 card transactions exceeding 10 million in the past year.
“January and February 2017 were the strongest months in terms of customer growth in our company’s history," says Stalf, cofounder and CEO, and upcoming WIRED Money 2017 speaker. "We are on track to grow a couple of million customers over the next years."
In collaboration with other FinTech companies, other financial service providers bring a range of features to the app. One example of this is the N26 Investment feature. Powered by Vaamo, it allows customers to monitor and adjust their investment portfolios through their smartphone, with personalised updates and automatically categorised spending reports.
N26 aims to expand its services so as to cater to more Eurozone customers over the coming months.
Want to know more? Valentin Stalf will be speaking at this year's WIRED Money conference in London. Join hundreds of influencers and leaders, from financial firms and institutions to payment businesses and fintech startups, at the fifth annual WIRED Money event on May 18 at Studio Spaces. Buy tickets and learn more here.
This article was originally published by WIRED UK
