By
Darya Rudz
November 16th, 2023
N26 is competing established banks by introducing app-based checking accounts without the need to pay any additional fees.
N26, a leading German-based fintech bank has recently secured massive funding which has resulted in accelerating the company’s evaluation to a whopping $9 billion. According to the current estimation stats, N26 is now worth slightly more than Commerzbank which is known as the second-largest lender bank in Germany in terms of trading and banking services.
Fintech Bank N26 Plans to Go Public within the Next 12-16 Months
Founded in 2013, N26 is a Europe-based startup that is seeking to contest established banks by introducing app-based checking accounts without the need to pay any additional fees. Its competitors include companies such as Revolut which is currently valued at $33 billion.
The company’s CEO Maximilian Tayenthal has announced that the firm is actively looking to hire fresh recruits and personnel to scale its operations globally and dabble into launching new sets of services and features that include cryptocurrency trading on the platform. The company will be spending extra cash to hire 1000 people who will be responsible for expanding the company’s current portfolio by making it more adept in handling additional banking/trading services.
Tayenthal in an interview with CNBC has emphasized the fact that the company is looking forward to hiring new people with a focus on accentuating service aspects related to the product, technology, and security domains.
N26 boasts 7 million users across Europe and the US and is on its way to process transactions worth $90M. The company has also obtained a banking license in Brazil to establish competent banking proceedings in São Paulo. The company is also expecting to introduce its first public app sometime soon. Tayenthal has also declared that the firm possesses adequate funds to apply for an IPO and will initiate the process the same within the next few months.
N26 offers bank accounts and debit card services that can be controlled from a mobile phone application. Users can access all essential banking services such as opening an account from the app itself without needing to physically visit the branch and fill out the paperwork. Once the details have been verified, the users can get their independent bank accounts with a virtual card for future money transactions. Along with that, the bank also offers a special N26 smart service where users can avail higher limits, more distinctive card designs, and the ability to create sub-accounts that can be pinned under the main user account for systematic financial transactions.
