Digital Banking

N26 Hits Milestone: 300,000 Customers Using App-Only Bank

N26, the app-only bank found in Europe, announced Wednesday (March 15) it has 300,000 users across Europe.

According to a report in Business Insider, N26, which went live a little over a year ago, had 100,000 customers in January of last year and is now in 17 European countries, with 30,000 customers in France alone and 10,000 in Spain and another 10,000 in Ireland. What’s more, N26 said it processed €3 billion of transactions, with greater than 60 percent of the transactions happening in 2016.

“January and February 2017 were the strongest months in terms of customer growth in our company’s history. We are on track to grow to a couple of million customers over the next years,” said Valentin Stalf, the founder and CEO of N26, in a statement. Currently N26 offers debit card and an account that users access via an app. Users are also able to borrower as much as €25,000 from their mobile phone.

N26, which is operating in a growing marketplace with a handful of companies launching app-only banking or banking-like services. Most of them are competing for the business of millennials who are used to conducting all sorts of transactions from their mobile devices. N26 said 59 percent of its customers are between ages 18 and 34, noted the report. And just some of the other apps, N26 goal is to have consumers handle all of their financial aspects from their mobile phone. Some of the other competitors in Europe include Monzo of the U.K., which wants to act as the financial control center for customers, and Revolut, which started out as a money exchange card but is now branching into all aspects of personal finances. Starling, another app-only bank, announced this week that it’s integrating the international money transfer service from TransferWise.

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