After reaching its 2.5 million mark in 2019, challenger bank N26 has now recorded 5 million mark of their customers. This is a remarkable growth rate and the bank has seen this remarkable accelerating growth in 2019 as it reached 3.5 million customers in June 2019.
Over the year 2019, the company has seen addition of new 1.5 million new customers in first half and another set of 1.5 million in the second half. The reason behind the growth of N26 is that the company is still expanding to new market. It is available all around the Eurozone wherein people living in UK, Denmark, Norway, Poland, Sweden, Liechtenstein, Iceland and Switzerland are eligible to open an N26 account.
The company has also expanded its operations in the U.S. as it presents a huge market opportunity despite the local competition such as chime. Since its inception in the U.S., the company has managed to attract 250,000 customers in the U.S. alone.
Although the company has adopted a different strategy to foray into the US, they have partnered with Axos Bank, a white-label partner that manages your money. Wherein, N26 takes care of all the interactions between customers and their money. The company’s move is regarded to complicated banking regulation in the U.S. that makes it difficult to launch a challenger bank across all 50 states without a banking partner.
The company has its offices in Berlin, New York, Barcelona, Vienna and São Paulo with 1,500 employees spread across the globe.
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