Mobile bank N26 hits 5m customer mark

Mobile bank N26 said it has passed the five million customer mark, five years after its launch.

The bank, which expanded into the Republic in 2017, said it increased its global customer base significantly in 2019. It said it now has 100,000 customers in Ireland, while it entered the US market last year.

"Five million customers is a great achievement, but it's not just growth that we are after," said Valentin Stalf, co-founder and chief executive of N26.

“We are today, one of the biggest players in digital banking. But we have not forgotten our original mission – to challenge an industry that is ripe for change. N26 has proved that banking can be simple and intuitive through the use of technology.”

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Last year N26 introduced new services including a premium account for customers and flexible sub-accounts to bring a “social” element to banking.

N26 also opened a tech hub in Vienna last year, and over the past two years has grown its staff from 300 to 1,500.

The company began 2020 with a redesign of its app.

"2019 was not just a year of growth, but also conscious investment in our product, our people, and the service experience," said N26 co-founder and chief financial officer Maximilian Tayenthal.