In May 2016 we visited Number26 /N26. Here are the photos of their amazing office in Berlin.
Founded in Berlin by Valentin Stalf and Maximilian Tayenthal in 2013, N26 promotes simple, fast and modern banking.
The market entry of the mobile-first retail bank took place in 2015, back then still called Number26.
Developed especially for smartphones, it is a completely digital business model offering a free bank account including a MasterCard.
In addition to the free version, the customer can also choose between two paid account models, which include various additional services, such as insurance, free foreign currency withdrawals, exclusive partner offers and dedicated customer service.
The company pursues the mobile-first approach and has created an elegant and easily comprehensible banking app that is tailored specifically to the smartphone.
The app comes with different additional functions like for example login via fingerprint, instant push notification on all account activity, the option to lock your card inside the app in case of loss and an automatic categorization giving the client an overview of his spending.
Other products the company provides are N26 Invest, N26 Credit, N26 Savings and N26 Insurance as well as a free business account for self-employed people.
In 2016 the enterprise received a full banking license granted by the Federal Financial Supervisory Authority and the European Central Bank.
In the company’s offices, located in Berlin and New York, 380 people are working for N26, serving 850.000 clients. N26 also offers its services in Belgium, Estonia, Finland, France, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Spain.
For the future the company plans the entry in the UK and also in the US market. The average growth rate is around 2000 new customers per day.
N26 has set itself the goal of having five million users by the end of 2020. N26 is one of the fastest growing banks in Europe.
Due to its digital business model the company is able to operate at a lower cost base with lean organizational structures bringing cost advantage to the customer.
Up to now the company has received investment funds in the amount of 215 million US dollars.
Investors include Battery Ventures, Earlybird Ventures, Horizons Ventures, Redalpine Ventures, Peter Thiel’s Valar Ventures, as well as the founding team of Zalando SE and various business angels.
Most recently it was announced that Tencent and Allianz X want to invest 160 million dollars in the enterprise. Furthermore, the company has different co-operation partners like Mastercard, Allianz, TransferWise, Vaamo, Barzahlen, WeltSparen (Raisin), Clark and auxmoney.
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