Challenger bank N26 has reached 5 million customers.
In 2019 alone, N26 managed to add more than 2.5 million customers.
And the companys growth rate seems to be accelerating, as N26 reached 3.5 million customers in June 2019.That represents an addition of 1 million customers during the first half of 2019 and an addition of 1.5 million customers during the second half of 2019.One reason N26 is growing at a faster pace is that the company is still expanding to new markets.
N26 has been available all around the Eurozone for a while.
People living in the U.K., Denmark, Norway, Poland, Sweden, Liechtenstein, Iceland and Switzerland can also open an N26 account.But N26 also expanded to the United States during the summer of 2019.
It represents a huge market opportunity, even though N26 faces competition from local players, such as Chime.Over the past five months, N26 has managed to attract 250,000 customers in the United States The company operates under a sligthly different model in the United States N26 has partnered with Axos Bank, a white-label partner that manages your money, while N26 takes care of all the interactions between customers and their money.Banking regulation is complicated in the United States , which makes it difficult to launch a challenger bank across all 50 states without a banking partner.There are now 1,500 people working for N26 across five offices Berlin, New York, Barcelona, Vienna and So Paulo.
Up next, as you might have guessed with the mention of So Paulo, N26 plans to expand to Brazil.