--- title: "N26 Statistics 2026: Customers, Deposits, Revenue and the BaFin Growth Cap" date: 2026-05-25 author: "Steven Burnett" featured_image: "https://coinlaw.io/wp-content/uploads/2026/05/n26-statistics.jpg" categories: - name: "Banking" url: "/banking.md" tags: - name: "Statistics" url: "/tag/statistics.md" --- # N26 Statistics 2026: Customers, Deposits, Revenue and the BaFin Growth Cap N26 booked €2.8 million in net operating income for the third quarter of 2024, its first profitable quarter, while revenue-relevant customers climbed toward 4.8 million by year-end and deposits crossed €10 billion. The profitability inflection arrived weeks after BaFin lifted a 32-month customer-onboarding cap. The N26 statistics below trace the customer base, deposits, revenue trajectory, regulatory milestones, and geographic footprint that define Berlin-headquartered N26 GmbH. Every figure is tied to an N26 press release, a BaFin publication, or corroborating coverage from Bloomberg, Sifted, or The Financial Brand. Comparable [Monzo customer data](/monzo-statistics/) sits alongside for peer context. ## Key Takeaways - N26 expects **4.8 million** revenue-relevant customers by the end of 2024, up from **4.2 million** at the close of 2023. - Customer deposits surpassed **€10 billion** in the third quarter of 2024. - Revenue is projected to increase by around **40%** to approximately **€440 million** in 2024, compared with **€313.5 million** in 2023. - BaFin imposed a **€9.2 million** fine on N26 Bank AG on May 9, 2024, over the late filing of suspicious activity reports throughout 2022. - More than **200,000** customers are signing up to N26 each month, more than double the monthly sign-up rate compared to fiscal 2023. - N26 operates across **24** European countries via the SEPA passport after exiting the United Kingdom, the United States, and Brazil. ## Editor’s Choice - N26 closed a Series E funding round at a valuation of more than **$9 billion**, raising more than **$900 million** on October 18, 2021. - Annual transaction volume is projected to increase **23%** in 2024 to around **€140 billion**. - N26 reported **€2.8 million** in net operating income for the third quarter of 2024, its first profitable quarter. - N26 has invested more than **€100 million** in compliance and infrastructure since the original BaFin order. - Interest revenue is expected to account for around **50%** of total revenue in 2024, up from **40%** in 2023. - Free Stocks and ETF trading covering more than **4,000** US and European stocks launched on January 27, 2025. ## Recent Developments - **January 27, 2025**: N26 announced free stocks and ETF trading for all customers, covering more than 4,000 US and European stocks plus global ETFs. - **December 12, 2024**: N26 launched Ready-Made Funds, portfolios of ETFs and Index Funds managed by [BlackRock](https://coinlaw.io/blackrock-statistics/), inside the N26 app. - **November 21, 2024**: N26 reported its first profitable quarter at **€2.8 million** in Q3 2024 net operating income and deposit growth past **€10 billion**. - **June 1, 2024**: BaFin’s complete growth restriction on N26 took effect as fully lifted; N26 had been capped at up to 60,000 new customers per month immediately prior. - **May 9, 2024**: BaFin imposed a **€9.2 million** fine on N26 Bank AG over late filings of suspicious activity reports in 2022. ## N26 Customer Count by Year (Core N26 Statistics) - The company expects to reach **4.8 million** revenue-relevant customers by the end of 2024, up from **4.2 million** at the close of 2023. - At its Series E announcement on October 18, 2021, N26 reported more than **7 million** customers across 25 markets. - Monthly customer sign-ups have more than doubled compared to fiscal 2023, with over **200,000** new customers joining each month since the cap was lifted, according to Sifted. - N26 was founded in February 2013 by Valentin Stalf and Maximilian Tayenthal and received its full European banking licence from BaFin in July 2016, when it adopted the current N26 brand. - A counterfactual against the pre-lift modified cap of **60,000** per month implies roughly **4.2 million** in foregone monthly sign-ups across the cap window if post-lift run-rates of over 200,000 per month had been available throughout. PeriodCustomer MetricFigureEnd 2023Revenue-relevant customers4.2 millionEnd 2024 (projected)Revenue-relevant customers4.8 millionOctober 2021 (Series E)Customers across 25 marketsMore than 7 millionPost-cap-lift run rateMonthly new customersMore than 200,000Pre-cap-lift modified capMonthly new customersUp to 60,000*Sources: N26 Group Q3 2024 release, N26 Series E announcement, N26 BaFin growth-restriction lift release* The headline narrowed at some point: N26’s public metric moved from total customers to revenue-relevant. ## N26 Customer Deposits and Total Assets - N26 surpassed **€10 billion** in customer deposits in the third quarter of 2024. - Customer deposits are protected under the German Compensation Scheme of German Banks (EdB) up to **€100,000** per depositor. - Customer deposits crossed **€10 billion** in the third quarter of 2024, per Sifted. MetricValueReporting PeriodCustomer depositsMore than €10 billionQ3 2024Deposit protection per depositorUp to €100,000EdB scheme, ongoingDeposit growth driverRevenue-relevant customers growing toward 4.8 million2024*Sources: N26 Group Q3 2024 release, Wikipedia cross-check to BaFin and EdB statutes* The deposit milestone matters more for unit economics than the press headline. ## N26 Annual Revenue Trajectory - N26 expects revenue to increase by around **40%** to approximately **€440 million** in 2024, compared with **€313.5 million** in 2023. - Interest revenue is expected to account for around **50%** of total revenue in 2024, up from **40%** in 2023. - Revenue is projected at around **€440 million** for 2024, up roughly **40%** from **€313.5 million** in 2023, according to Sifted. - Annual transaction volume is projected to increase **23%** in 2024 to around **€140 billion**. ![N26 Interest Revenue Share Growth](https://coinlaw.io/wp-content/uploads/2026/05/n26-interest-revenue-share-growth.jpg "N26 Interest Revenue Share Growth") > **By the numbers:** N26 Group reported a €2.8 million net operating income for the third quarter of 2024, its first profitable quarter, with revenue tracking to approximately €440 million for the year and annual transaction volume on pace for around €140 billion. The mix shift to interest-led revenue is the structural story underneath the headline. Revenue scaled, and the question was when the cost base would catch up. ## N26 Path to Profitability - N26 reported a net operating income of **€2.8 million** for the third quarter of 2024, marking its first profitable quarter. - The first monthly profit was achieved in **June 2024**. - Full-year 2024 net operating income is projected at around –**€20 million** after one-off optimisation effects. - N26’s Q3 2024 result marked the first profitable quarter since the company launched in 2013, per Sifted. - N26 targeted full-year profitability beginning in the second half of 2024. MilestoneDateValueFirst monthly profitJune 2024(first month positive)First profitable quarterQ3 2024€2.8 million net operating incomeFull-year 2024 (projected)2024Around -€20 million (post one-off optimisation)Profitability targetSecond half of 2024Stated in May 2024 release*Sources: N26 Group Q3 2024 release, N26 BaFin growth-restriction lift release* The unlock came from elsewhere: the regulatory side. ## N26 Monthly Customer Sign-Ups Before and After the Cap - The original BaFin measure, dated May 11, 2021, ordered N26 Bank GmbH to accept only a maximum of **50,000** new customers a month. - The 50,000 monthly cap was later modified upward to **60,000** new customers per month before being fully lifted. - To date of the lift announcement, N26 had been able to take on up to **60,000** new customers per month under the prior modified cap. - More than **200,000** customers are currently signing up to N26 per month, more than doubling the monthly sign-up rate compared to fiscal 2023. ![N26 Monthly Customer Sign Ups](https://coinlaw.io/wp-content/uploads/2026/05/n26-monthly-customer-sign-ups.jpg "N26 Monthly Customer Sign-Ups") The numbers move in lockstep with the BaFin order timeline. ## N26 Funding Rounds and Valuation History - N26 closed its Series E on October 18, 2021, raising more than **$900 million** at a valuation of more than **$9 billion**. - Third Point Ventures and Coatue Management led the Series E, joined by Dragoneer Investment Group, along with existing investors. - N26 was founded in February 2013 originally under the name Papayer and later Number26 before adopting the N26 brand in July 2016, when it received its full European banking licence from BaFin. RoundDateAmountValuationSeries EOctober 18, 2021More than $900 millionMore than $9 billionFounding to brand consolidationFebruary 2013 to July 2016(private rounds)BaFin licence granted July 2016*Sources: N26 Series E announcement, Wikipedia cross-check to BaFin licensure records* ## N26 BaFin Regulatory Timeline - The original BaFin measure, dated May 11, 2021, ordered N26 Bank GmbH to implement appropriate internal controls and safeguards under the German Banking Act, with a special commissioner appointed to monitor implementation. - N26 received an updated order from BaFin in March 2023 concerning the [prevention of money laundering](https://coinlaw.io/money-laundering-statistics/), continuing the regulatory oversight regime. - On May 9, 2024, BaFin published that a fine amounting to **€9.2 million** would be imposed on N26 Bank AG over shortcomings in suspicious activity reporting in 2022. - The €9.2 million fine became legally binding in May 2024, per Bloomberg. - A special audit conducted in 2024 revealed wider, serious deficiencies in N26 Bank AG’s organisational setup, particularly concerning risk management and the overall organisation of its lending business, per Bloomberg reporting. - BaFin lifted the complete growth restriction for N26 from June 1, 2024. - N26 was previously fined **€4.25 million** in 2021, separate from the 2024 fine, per Bloomberg. DateBaFin ActionDetailMay 11, 2021Original AML order50,000 monthly customer cap and special commissioner2021Prior fine€4.25 millionMarch 2023Updated AML prevention orderContinuation of oversight regimeMay 9, 2024Fine published€9.2 million for 2022 SAR delaysMay 2024Fine legally bindingReported by Bloomberg2024Special auditDeficiencies in risk management and lending organisationJune 1, 2024Growth restriction liftedComplete lift; prior modified cap was 60,000 per month*Sources: N26 March 2023 AML order release, N26 statement on the €9.2 million fine, Bloomberg coverage, N26 BaFin growth-restriction lift release* > **Why it matters:** N26 invested over **€80 million** in personnel and technical infrastructure to maintain industry compliance standards, and more than **€100 million** total across compliance and infrastructure. The €9.2 million fine sits inside a remediation envelope an order of magnitude larger. The pattern across [SEC and CFTC crypto regulation statistics](https://coinlaw.io/sec-and-cftc-regulations-on-cryptocurrencies-statistics/) holds here: enforcement follows operational gaps, licensing capacity returns after remediation. Each milestone carried a price tag. ## N26 Investment in Compliance and Financial Crime Prevention - N26 has invested more than **€100 million** in compliance, its infrastructure, and teams since the original BaFin order. - N26 has invested over **€80 million** in personnel and technical infrastructure to maintain compliance standards. - N26 operates intelligence-based models that analyze the fraud potential of individual customers and self-learning transaction-monitoring systems that detect suspicious activity in real time. - The 2024 special audit cited wider deficiencies in risk management and the overall organisation of N26 Bank AG’s lending business. Investment BucketAmountSourceCompliance, infrastructure, teams (cumulative)More than €100 millionN26 BaFin growth-restriction lift releasePersonnel and technical infrastructureOver €80 millionN26 €9.2 million fine statementReal-time monitoringIntelligence-based fraud modelsN26 BaFin growth-restriction lift release*Sources: N26 BaFin growth-restriction lift release, N26 statement on the €9.2 million fine, Bloomberg coverage of the 2024 special audit* With remediation funded, product expansion accelerated. ## N26 Investment Products: Stocks, ETFs, and Ready-Made Funds - N26 began the rollout of its Stocks and ETF trading product on **January 17, 2024,** to eligible customers in Austria, priced at **€0.90** per trade. - N26 Metal customers receive **15** free trades per month, and N26 You customers receive **5** free trades per month under the initial Austria pricing. - Stocks and ETFs trading expanded to **12** additional European markets (Belgium, Denmark, Estonia, Finland, Greece, Latvia, Lithuania, Norway, Poland, Portugal, Slovakia, and Slovenia), covering more than **500** stocks plus global ETFs. - N26 announced Ready-Made Funds on **December 12, 2024**, portfolios of ETFs and Index Funds managed by BlackRock, as the second major investment-product extension after the January 2024 launch. - N26 announced free stocks and ETF trading for all customers from **January 27, 2025**, covering more than **4,000** US and European stocks and global ETFs, replacing the prior €0.90 per trade fee. DateProduct MilestoneCoverageJanuary 17, 2024Stocks and ETF trading launch (Austria)€0.90 per tradeSpring 202412-market expansion500+ stocks plus global ETFsDecember 12, 2024Ready-Made FundsBlackRock-managed portfoliosJanuary 27, 2025Free trading rolloutMore than 4,000 stocks plus global ETFs*Sources: N26 Stocks and ETF trading rollout release, N26 12-markets expansion release, N26 Ready-Made Funds release, Crowdfund Insider coverage of the January 27 2025 free-trading announcement* Product expansion went vertical; geographic expansion got selective. ## N26 Geographic Footprint and Market Exits - N26 operates across **24** European countries via the SEPA passport and has historically also operated in the United Kingdom, the United States, and Brazil. - N26 exited the United Kingdom in **April 2020,** post-Brexit. - N26 announced on November 18, 2021, that it would discontinue its US operations effective **January 11, 2022**, after entering the United States in **July 2019**. - N26’s withdrawal from the US market affected approximately **500,000** US customers as of the wind-down. - N26 announced on **November 7, 2023,** that it would cease operations in Brazil and close all accounts within the next two months. - The Brazilian operation was tested with select customers via a waiting list from November 2021 onwards and was never launched to the general public. MarketStatusEntryExit24 European SEPA marketsActiveRolling (post-2016 licence)(none)United KingdomExited(pre-Brexit)April 2020United StatesExited (about 500,000 customers affected)July 2019January 11, 2022BrazilExited (waiting-list only, never general launch)Waitlist from November 2021November 7, 2023 (close within two months)*Sources: Wikipedia cross-check to N26 press archive, N26 US discontinuation release, The Financial Brand coverage of the US customer base, N26 Brazil cease-operations release* > **The takeaway:** Three geographic exits (the UK in April 2020, the US on January 11, 2022, and Brazil announced November 7, 2023) sit against a current **24**-country European footprint. The US wind-down alone affected approximately **500,000** customers, a non-trivial share of the customer base at the time, framed by N26 as a deliberate prioritisation. Home-market regulatory capacity dictates outbound footprint pace; N26 concentrates capital on SEPA, where its banking licence works natively. The team behind the geographic concentration deserves its own line. ## N26 Employees and Team Composition - N26 employed a **1,500**-strong team as of October 18, 2021, Series E announcement. - The N26 team comprises more than **90** nationalities. MetricValueReporting DateTeam size at Series E1,500-strongOctober 18, 2021Nationalities representedMore than 90November 21, 2024 release*Sources: N26 Series E announcement, N26 Group Q3 2024 release* ## Common Questions ### How many customers does N26 have? N26 expects to reach **4.8 million** revenue-relevant customers by the end of 2024, up from **4.2 million** at the close of 2023. The metric counts customers generating revenue rather than all registered users, and reflects the post-BaFin-cap-lift growth phase that began June 1, 2024. ### Is N26 profitable? N26 reported a net operating income of **€2.8 million** for the third quarter of 2024, its first profitable quarter, and achieved its first monthly profit in **June 2024**. Full-year 2024 net operating income is projected at around –**€20 million** after one-off optimisation effects. ### What is the BaFin growth cap on N26? BaFin capped N26 at **50,000** new customers per month under its May 11, 2021, order, later modifying it to **60,000** per month. The complete restriction was lifted from June 1, 2024, and more than **€100 million** has been invested in compliance and infrastructure since the original BaFin order. ### Why did N26 leave the US? N26 announced on November 18, 2021, that it would discontinue its US operations effective January 11, 2022, with an emphasis on expanding its European business. The decision affected approximately 500,000 US customers and ended an operation that ran with Axos Bank as the US banking partner from July 2019. ### How is N26 different from Monzo and Revolut? N26 holds a full credit-institution licence supervised by BaFin and Deutsche Bundesbank, and operates across **24** European countries via the SEPA passport. Comparable peers operate under different home licences. ## Conclusion N26 closes 2024 carrying **€2.8 million** in net operating income for the third quarter, a deposit base above **€10 billion**, revenue tracking toward approximately **€440 million**, and a customer count moving toward **4.8 million** revenue-relevant users. BaFin’s complete growth restriction lifted from June 1, 2024, and more than **€100 million** has been invested in compliance and infrastructure since the original BaFin order. Three discontinued geographies against a 24-country SEPA footprint frame N26 as a Europe-first banking franchise inside a remediated regulatory wrapper.