N26 overview

N26 is a Berlin-based startup aiming to revolutionise the traditional banking industry and how people spend, save and send money. N26 offers mobile banking solutions to customers in the European Union. It provides international money transfer; investment; overdraft; and cash withdrawal and deposit at stores. The company was formerly known as Papayer GmbH.

The company was founded in 2013 and had their initial launch in 2015 in Berlin, Germany. Since, the start-up has accumulated 5 million customers in markets across Europe and half of which were added in 2019. In late 2018 the company launched services in the UK and expanded to the US in 2019.

In 2018, the company introduced N26 Business Black, a premium version of its business account offering for freelancers and self-employed individuals. N26 also has a variety of personalised features: In-app security, allowing customers to lock their card if it gets lost or stolen and also reset their pin; As well as being able to send, receive and request money, users can also keep track of purchases via live updates and use personal tags to organise transactions; N26 also allows for international transfers and supports Apple Pay in stores; The app has a tight security procedure protecting accounts and transactions and users can only log in using passwords or fingerprints.

As a safeguard, N26 has a Bug Bounty Program, offering cash and rewards for experts to track down any potential bugs or glitches in the system.

The firm raised $170 million in its Series C funding round co-led by Allianz X and Tencent Holdings Ltd in July 2019. The funding represents the largest equity financing round (non IPO) in the fintech industry in Germany to date and one of the largest in Europe.

In February 2020 N26 announced it had decided to exit the UK market following Brexit, asking all UK customers to move their funds.

In May the company raised a $100m Series D from Tencent and Valar Ventures.

A few months later, in August, the company celebrated its first anniversary of its launch in the US. The company reported 500k ventures in its first 12 months.

In April 2021, as part of its new API-driven strategy, challenger bank N26 has announced the launch of N26 Insurance. Starting with smartphone insurance, the fintech also has plans for home, life, pet, private liability, bikes, electronics and large purchase cover. All of the products will be available to purchase, manage and claim via the company's app or website, and will be offered through partnerships with insurtechs, such as Simplesurance.

Map showing the location of N26

Berlin, Germany

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Key people

Valentin Stalf Co-founder and CEO
Maximilian Tayenthal Co-founder and CFO
Gino Cordt Chief Data Officer and CMO
Martin Schilling COO
Patrick Kua CFO
Eleonore van Boven Chief People Officer