N26 breaks 7m customer milestone as monthly transactions hit €5.5bn

Just days after its management shakeup, Berlin-based digital bank N26 today reached a 7m customer milestone.

The bank also revealed that its monthly transaction volumes are now over €5.5bn and plans to hire for 200 new product and tech roles in 2021.

“As we celebrate our sixth company anniversary, it’s inspiring to see that millions of people trust N26 to put their financial interests first,” said newly-appointed co-CEOMaximilian Tayenthal.

“As a fully licensed digital bank, we have built a banking experience for the times we live in, not for a specific generation, especially in the confining and uncertain times we live in today.”

For context, in January 2020 N26 reached 5m customers, giving them a 2m customer gain over the past 12 months.

Currently, N26 operates across Europe (excluding the UK) and the US, but this month the bank was given the green light to bring its services to Brazil marking the fintech’s first entry to Latin America.

With 7m customers under its belt, N26 sits firmly between Monzo (5m customers) and Revolut (c.14m customers) in size.

Co-founder and co-CEO Valentin Stalf told Reuters in December that N26 aimed to reach break-even by the end of 2021, with one final funding round planned before going public in 2023 at the earliest.

“If we list on the stock exchange in three years that would be fast,” he said.