Challenger financial institution N26 has reached 5 million prospects. In 2019 alone, N26 managed so as to add over 2.5 million prospects. And the corporate’s progress fee appears to be accelerating as N26 reached three.5 million prospects in June 2019.
That represents an addition of 1 million prospects in the course of the first half of 2019 and an addition of 1.5 million prospects in the course of the second half of 2019.
One purpose why N26 is rising at a sooner tempo is that the corporate remains to be increasing to new market. N26 has been out there throughout the Eurozone for some time. Folks residing within the U.Okay., Denmark, Norway, Poland, Sweden, Liechtenstein, Iceland and Switzerland also can open an N26 account.
However N26 additionally expanded to the U.S. in the course of the summer time of 2019. It represents an enormous market alternative, though N26 faces competitors from native gamers, reminiscent of Chime.
Over the previous 5 months, N26 has managed to draw 250,000 prospects within the U.S. The corporate operates below a sligthly completely different mannequin within the U.S. N26 has partnered with Axos Financial institution, a white-label accomplice that manages your cash, whereas N26 takes care of all of the interactions between prospects and their cash.
Banking regulation is difficult within the U.S., which makes it tough to launch a challenger financial institution throughout all 50 states with out a banking accomplice.
There at the moment are 1,500 folks working for N26 throughout 5 workplaces — Berlin, New York, Barcelona, Vienna and São Paulo. Up subsequent, as you may need guessed with the point out of São Paulo, N26 plans to increase to Brazil.