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 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.
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- 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, 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.
| Period | Customer Metric | Figure |
|---|---|---|
| End 2023 | Revenue-relevant customers | 4.2 million |
| End 2024 (projected) | Revenue-relevant customers | 4.8 million |
| October 2021 (Series E) | Customers across 25 markets | More than 7 million |
| Post-cap-lift run rate | Monthly new customers | More than 200,000 |
| Pre-cap-lift modified cap | Monthly new customers | Up 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.
| Metric | Value | Reporting Period |
|---|---|---|
| Customer deposits | More than €10 billion | Q3 2024 |
| Deposit protection per depositor | Up to €100,000 | EdB scheme, ongoing |
| Deposit growth driver | Revenue-relevant customers growing toward 4.8 million | 2024 |
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.
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.
| Milestone | Date | Value |
|---|---|---|
| First monthly profit | June 2024 | (first month positive) |
| First profitable quarter | Q3 2024 | €2.8 million net operating income |
| Full-year 2024 (projected) | 2024 | Around -€20 million (post one-off optimisation) |
| Profitability target | Second half of 2024 | Stated 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.
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.
| Round | Date | Amount | Valuation |
|---|---|---|---|
| Series E | October 18, 2021 | More than $900 million | More than $9 billion |
| Founding to brand consolidation | February 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, 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.
| Date | BaFin Action | Detail |
|---|---|---|
| May 11, 2021 | Original AML order | 50,000 monthly customer cap and special commissioner |
| 2021 | Prior fine | €4.25 million |
| March 2023 | Updated AML prevention order | Continuation of oversight regime |
| May 9, 2024 | Fine published | €9.2 million for 2022 SAR delays |
| May 2024 | Fine legally binding | Reported by Bloomberg |
| 2024 | Special audit | Deficiencies in risk management and lending organisation |
| June 1, 2024 | Growth restriction lifted | Complete 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 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 Bucket | Amount | Source |
|---|---|---|
| Compliance, infrastructure, teams (cumulative) | More than €100 million | N26 BaFin growth-restriction lift release |
| Personnel and technical infrastructure | Over €80 million | N26 €9.2 million fine statement |
| Real-time monitoring | Intelligence-based fraud models | N26 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.
| Date | Product Milestone | Coverage |
|---|---|---|
| January 17, 2024 | Stocks and ETF trading launch (Austria) | €0.90 per trade |
| Spring 2024 | 12-market expansion | 500+ stocks plus global ETFs |
| December 12, 2024 | Ready-Made Funds | BlackRock-managed portfolios |
| January 27, 2025 | Free trading rollout | More 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.
| Market | Status | Entry | Exit |
|---|---|---|---|
| 24 European SEPA markets | Active | Rolling (post-2016 licence) | (none) |
| United Kingdom | Exited | (pre-Brexit) | April 2020 |
| United States | Exited (about 500,000 customers affected) | July 2019 | January 11, 2022 |
| Brazil | Exited (waiting-list only, never general launch) | Waitlist from November 2021 | November 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.
| Metric | Value | Reporting Date |
|---|---|---|
| Team size at Series E | 1,500-strong | October 18, 2021 |
| Nationalities represented | More than 90 | November 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.
