N26, one of the so called Challenger banks has reached the milestone of 5 million customers. N26 was founded in 2013 and raised $683 million (£520 million , €616 million ) in investment. The latest funding round in July 2019 raised a total of $470 million with venture company Valar and Chinese holding company Tencent among investors. In July 2019, the company was valued at $3.5 billion.
The bank announced a total of 3.5 million users in summer 2019 and has since seen rapid growth in its main European market, with growth fastest in in Germany, France and Austria, with Italy and Spain following.
The bank entered the US – launching last year – and is making a positive contribution, co-founder and Chief Executive Valentin Stalf told Reuters. “We added more customers in 2019 than we did in all the prior years put together.”
N26 Inc., the US subsidiary reached 250,000 US customers. Having only launched last August in partnership with Axos Bank, N26 has grown rapidly in market. “American consumers are too reliant on traditional banks and face roadblocks to their financial health that have no place in the 21st century,” said Nicolas Kopp, U.S. CEO, N26 Inc.
“N26 was founded to radically transform the industry and break down these barriers through the power of technology. We’re incredibly proud to have reached a quarter-million US customers in our first five months and we are just getting started. We have big plans to offer millions of future N26 users a feature-rich, easy-to-use banking experience.”
The post Challenger bank N26 reaches 5 million customer milestone appeared first on Payments Cards & Mobile.