In December 2018, N26 had 2 million users . Today, five years after its creation, the neobank is present in around twenty countries worldwide and, more importantly, has just passed the 5 million customer mark .
Aiming for 100 million customers?
“ In the long term, we want to reach 100 million customers worldwide, ” warns Valentin Stalf. Traditional banks therefore have reason to be concerned, especially when you see N26’s growth in just five years. Since 2018, the neobank has attracted 2 million additional customers, and its expansion has allowed it to grow from a team of 300 employees to 1,500.
Furthermore, the German company now has a presence in around twenty countries worldwide. Having entered the United States this year, it hopes to conquer the Brazilian market by next year. Ultimately, its goal is to invest in as many countries as possible to establish a global presence.
Is N26 about to raise new funds?
Last July, N26 raised €170 million, and its fundraising efforts to date total $683 million . This amount could still increase, as the bank doesn’t seem opposed to another round of financing, even if it’s not urgent.
Regarding an IPO, the neobank’s president, Valentin Stalf, told Les Échos that it was still “too early,” though he didn’t rule it out entirely, envisioning it more likely in four or five years. The neobank is currently profitable and valued at $3.5 billion, allowing it to continue its growth at its own pace.
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