FRANKFURT, March 15 German smartphone-only bank
N26 said on Wednesday the number of customers using its online
accounts rose to more than 300,000, tripling in size from a year
ago, as the company marks progress as a pioneer in pan-European
banking for mobile phone users.
The Berlin-based company is backed by Li Ka-shing, one of
Asia's richest men, and Peter Thiel, a co-founder of PayPal and
an early investor in Facebook, along with other investors.
N26, which was founded in 2015, received its banking license
from German financial regulator Bafin last year. It offers
online accounts for cash withdrawals, savings and insurance
services that users manage on their mobile phones.
Valentin Stalf, N26 founder and chief executive, said in a
statement that January and February 2017 showed its strongest
customer growth ever, adding that, "We are on track to grow to a
couple of million customers over the next years."
Without the expense of branches or legacy computer
infrastructure, mobile-first banks can challenge established
banks by promising lower lending rates and higher rates on
It began offering services in Germany and Austria, then in
Spain, France, Italy, Greece, Ireland and Slovakia. Late last
year it added the Benelux countries, the Baltics, Finland,
Portugal and Slovenia, marking 17 markets in all. (reut.rs/2lZ8POC).
The company said it has processed more than 3 billion euros
($3.19 billion) in transaction volume and carried out 10 million
credit card transactions in the past year.
($1 = 0.9401 euros)
(Reporting by Eric Auchard, editing by Louise Heavens)