17 Facts About N26

N26 is a German neobank headquartered in Berlin, Germany.

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 .

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

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

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.

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

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.

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

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.

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".

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.

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.

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

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

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

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