German mobile bank N26 recently announced it serves more than one million customers across the European continent. The company reported that it has doubled its customer base over the last nine months. According to N26, the monthly transaction volume exceeds €1 billion, signaling high levels of user activity and engagement.
“Since the product launch in 2015, the N26 community has been growing rapidly, with now more than 2,500 new users joining every day. The primary motivation for people to use The Mobile Bank is to experience banking in a hassle-free manner while also saving a lot of time and money. Following this path, N26 estimates it will reach more than five million customers by 2020. The next logical step after the great success within the eurozone, is further international expansion. A market entry into the UK and US is planned for later this year.”
Valentin Stalf, founder and CEO of N26, also commented:
“We have built the first mobile bank customers love to use. With N26 customers save time as well as millions of euros in hidden fees every year.”
The bank then reported that a typical N26 customer uses the app several times per week. This high activity also materializes in more than €1 bn transaction volume per month. N26 went on to add:
“Fueled by its latest funding round, N26 is focused heavily on product development, organizational growth, and international expansion into the UK and US. Later this month, N26 will officially launch its flagship premium Metal card. Additional features and services will be released in the following weeks.”