17 Facts About N26


N26 is a German neobank headquartered in Berlin, Germany.

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N26 was founded in Munich in 2013 in a Rocket Internet Incubator and currently operates in various member states of the Single Euro Payments Area .

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In July 2016, it re-branded as N26 Bank, having received its own banking license from BaFin.

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In June 2016 N26 notified several customers that their accounts were going to be terminated.

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N26 cited as main reasons that some customers were making too many ATM withdrawals, while others were suspected of money laundering.

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In December 2016, N26 announced that its basic current account would be available to 17 Eurozone countries.

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In March 2018, N26 raised $160 million in a series C round by Chinese internet giant Tencent Holdings and Allianz X .

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In January 2019, N26 raised an additional $300 million in a series D round led by Insight Venture Partners with Singapore's sovereign wealth fund GIC and a few existing investors participating at a valuation of $2.

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On 11 July 2019, N26 soft launched in the United States, initially allowing customers to sign up for a waiting list.

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On 11 February 2020, N26 announced that it would cease doing business in the United Kingdom and close all accounts effective 15 April, due to the UK withdrawal from the European Union.

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N26 cited the fact that European financial institutions can no longer operate in the region without applying for a banking license in the UK, as well as "the timings and framework outlined in the EU Withdrawal Agreement".

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In September 2020, N26 announced the appointment of former Dropbox executive Adrienne Gormley as the company's chief operating officer, replacing Martin Schilling who left the company in March.

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N26 provides a free basic current account and a Debit MasterCard card to all its customers, as well as a Maestro card for their customers in certain markets.

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N26 offers premium accounts which offer additional features for a monthly fee.

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N26 has a basic account with no monthly fee and charges no fees for basic banking transactions or credit card payments in foreign currencies.

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In May 2021, BaFin demanded that N26 take actions to prevent money laundering and terrorism financing.

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N26 acknowledged the issues and claimed that they had been fixed before they became public, adding that no user account had actually been compromised.

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