N26 Statistics 2026: Revenue, Profit, Customers and BaFin Oversight

N26 generated €501.6 million in revenue in fiscal year 2025, an increase of 13% compared to €445.4 million in 2024, and posted net income of €1.6 million from a net loss of €42.0 million in 2024, its first full year of profitability. The Berlin-based bank, which operates with a full German banking license, reached 5.6 million revenue-relevant customers, up 16% year-on-year. The N26 statistics below draw on the bank’s own results and newsroom releases and cover revenue, profit, customers, deposits, funding, regulation, products and staffing.

The profit arrived during a leadership overhaul and renewed supervisory scrutiny. Where N26 does not publish a figure, the text says so.

Key Takeaways

• N26 lifted gross profit by 33% to €350.5 million on revenue growth of 13%, so margins did more of the work than the top line.
• Revenue-relevant customers grew from more than 3.7 million in 2021 to 5.6 million in 2025, about 1.5 times the earlier base.
• BaFin fully lifted N26’s growth restriction effective June 1, 2024, after a cap of up to 60,000 new customers per month.
• Net fee and commission income accounted for 53% of gross profit in 2025, while net interest income contributed the remaining 47%.
• Revenue rose from €236.3 million in 2022 to €501.6 million in 2025, about 2.1 times the 2022 level.
• According to Banking Dive, BaFin’s December 2025 order marked the second time BaFin has ordered special oversight of N26 since 2021.

Editor’s Choice

• 2025 revenue: €501.6 million.
• Q1 2026 net income: €9.8 million, on preliminary results.
• Annual transaction volume: €170.7 billion in 2025, up 14%.
• Customer deposits: surpassed €10.5 billion in 2025, per N26’s results release.
• Latest valuation in the releases reviewed: more than $9 billion, in a round led by Third Point Ventures and Coatue Management in 2021.
• Team size: about 1,600 employees.

N26 Statistics: Financial Results 2025

Compiled from 29 sources: 28 N26 press releases and newsroom pages, plus 1 trade report on BaFin’s December 2025 order.

• Source publication dates run from October 2021 to October 2026.
• N26’s own disclosures come first; trade press is used only where it reports a regulator’s action. Figures are reviewed on a rolling basis and updated when N26 publishes new results.
• According to the Berlin bank’s FY2025 results release, N26 generated €501.6 million in revenue for fiscal year 2025, above half a billion euros.
• Net income improved by €43.6 million year-on-year.
• Gross profit equaled about 69.9% of revenue in 2025.
• Net fee and commission income rose 21% year-on-year to €184.2 million.
• Net interest income rose 49% to €166.3 million.

Source: N26 FY2025 results release, June 2026

The headline figures follow N26’s management reporting framework, which is aligned with IFRS principles. Under RechKredV, the German accounting regulation used for its audited statements, the bank reported €498.1 million of gross revenue. Group net income is identical under both frameworks.

N26 Revenue by Year

• Revenue reached €236.3 million in 2022, up 24%.
• In late 2024, N26 guided to revenue growth of around 40% to approximately €440 million; the reported 2024 figure came in at €445.4 million.
• Reported revenue grew about 42% in 2024, more than three times the 2025 pace.
• Revenue added €56.2 million in 2025, down from €131.9 million in 2024.

Growth slowed sharply, yet 2025 was the first profitable year, as N26 shifted toward earning more per customer, a path also visible in Revolut vs Monzo profit data.

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Recent Developments

• October 8, 2026: N26 opened its Flexible Cash Fund, a Money Market Fund managed by Fidelity International, to all N26 membership tiers, with an introductory yield of up to 2.57% p.a. until January 1, 2027.
• August 11, 2026: N26 launched Wero, the digital wallet and instant payment solution developed by the European Payments Initiative (EPI), for eligible N26 customers in Germany and France.
• July 29, 2026: N26 said CFO Arnd Schwierholz will step away from his roles at the end of August 2026, with Chief Operating Officer Aytac Aydin to assume responsibility for the bank’s Finance team, subject to regulatory approval.
• July 15, 2026: Marcus W. Mosen stepped down from his operational responsibilities at N26 as part of a planned transition.
• July 14, 2026: N26 named Marcin Pakulnicki as Chief Technology Officer from September 1, 2026 and Nathalie Picquot as Chief Growth and Marketing Officer from October 1, 2026.

N26 Net Income and Profitability

• N26 recorded a net loss of €213.4 million in 2022.
• N26 posted -€78.3 million in net operating income for 2023.
• N26 posted its first monthly profit in June 2024 and a third-quarter net operating income of €2.8 million in 2024.

• On preliminary first-quarter results, N26 reported group net income of €9.8 million for 2026.
• That one quarter delivered about six times the net income of the whole of 2025.

N26 says profitability is expected to be maintained, supported by operating leverage and disciplined investment.

Key finding: N26’s loss narrowed from a net loss of €213.4 million in 2022 to a net loss of €42.0 million in 2024 before turning positive. The narrowing tracked growth in deposits and subscription income, which points to scale economics as the main driver.

N26 Revenue Mix: Fees vs Interest Income

• Net fee and commission income accounted for 53% of gross profit in 2025, with growth driven by subscriptions and card transaction volumes.
• Net interest income includes treasury and lending activities.
• Interest revenues contributed around 30% to the company’s revenues in fiscal year 2022.
• In 2023, interest revenues contributed 40% to the company’s revenue.
• Under German accounting rules, N26 reported €191.3 million of net interest income and €176.9 million of net fee and commission income for 2025.

The two frameworks rank the business lines differently. Fees lead under management reporting; interest leads in the audited view, so peer comparisons such as Revolut user and revenue figures need a common basis.

N26 Number of Customers

• N26 had 5.6 million revenue-relevant customers in 2025.
• That compared with 4.2 million at the close of 2023.
• Revenue-relevant customers increased by 300,000 to 4 million in the 2022 financial year (+8% YoY).
• In late 2024, more than 200,000 customers were signing up to N26 per month.
• 73% of new customers in 2024 were acquired via word of mouth, compared with 77% in 2023.
• The broader user base reached 8 million customers in 2021, the most recent total user count in the releases reviewed.
• N26 served 300,000 customers in the Netherlands in August 2023.

Source: N26 Group results releases, 2022 to 2026

N26’s 5.6 million counts only revenue-relevant customers, so it does not compare directly with Monzo’s customer figures.

N26 Customer Deposits and Transaction Volume

• Customer deposits surpassed €10.5 billion in 2025.
• N26 surpassed 10 billion euros in customer deposits in the third quarter of 2024.
• Deposits stood at €7.2 billion at the end of 2022 (+20% YoY).
• In 2024, N26 projected annual transaction volume to increase by 23% to around €140 billion.
• Each revenue-relevant customer was on track to make more than €29,000 in transactions with N26 on average in 2024.

Source: N26 Group results releases, 2022 to 2026

By the numbers: Transaction volume grew 59% YoY to €80 billion in 2021, and annual transaction volume rose by 14% to €170.7 billion in 2025. Volume roughly doubled across a stretch when the customer cap was in force for most of the time, so higher activity per customer did much of the lifting.

N26 Valuation, Funding and Ownership

• In euro terms, the 2021 round was a €700 million Series E funding round, ultimately valuing the company at over €7.7 billion.
• At the time of the round, N26 had more than 7 million customers in 25 countries.
• The round was led by Third Point Ventures and Coatue Management, and joined by Dragoneer Investment Group.

Source: N26 press releases, October 2021 to August 2025, and N26 newsroom, 2026

The releases reviewed give no market capitalization for N26. The 2021 valuation is the most recent valuation N26 announced in them.

Who owns N26 bank?

N26’s co-founders Valentin Stalf and Maximilian Tayenthal continue to hold almost 20% of the shares of N26, according to the August 2025 release announcing Stalf’s move to the Supervisory Board. The releases reviewed do not break down the remaining shares, and the sources reviewed include no stock exchange filings.

N26 BaFin Fines and Growth Cap

• In 2021, N26 agreed with the German regulator to temporarily onboard a maximum of 50,000 to 70,000 customers per month.
• In May 2024, BaFin set a fine amounting to €9.2 million for shortcomings in reporting suspicious activity in 2022.
• Over the past two years, N26 has invested more than €100 million in compliance, the company said in May 2024.

Source: N26 press releases, October 2021 to May 2024; Banking Dive, December 2025

BaFin’s December 2025 order left N26 no longer permitted to lend mortgages in the Netherlands, and it also prohibits N26 from securitizing mortgage claims. BaFin appointed a special monitor to track N26’s progress in fixing its compliance issues and imposed additional capital requirements.

Why it matters: BaFin said a special audit found serious deficiencies in risk and complaint management and in the organization of the lending business at N26. The first order targeted money laundering controls; this one targets lending and governance. Readers following crypto AML compliance rules will recognize the remediation cycle.

N26 Market Exits and Expansion Timeline

• N26 launched in 2013 and now operates in 24 countries.
• N26 accounts closed to US customers after January 11, 2022, after two years of growth in the US market.
• Early Brazilian products were tested with select customers in Brazil via a waiting list from November 2021 onwards, but were never launched to the general public.
• N26 completed its conversion from a German Stock Corporation (Aktiengesellschaft, AG) to a European Company (Societas Europaea, SE) in January 2025.
• The Madrid office spans 2,000 m² and is the company’s second Operations hub after Berlin.

N26 Investment Products and Flexible Cash Fund

• N26 announced free stocks and ETF trading for all customers from January 27, 2025 onwards.
• Trading volumes grew sevenfold year-on-year, with annual trading volume expected to exceed €4 billion by the close of 2025.
• The Flexible Cash Fund launched with an average target return of up to 2.1% p.a. for N26 Metal customers in May 2026.

Source: N26 press releases, January 2025 to October 2026, and N26 newsroom, 2026

Once the promotion ends, the Flexible Cash Fund carries an N26 service fee, charged each year like other investment management fees. The N26 service fees, calculated on the invested amount, are 0.30% p.a. for Standard, 0.25% p.a. for Smart, and 0.20% p.a. for Go (no N26 service fee applies for Metal).

Commission-free trading puts N26 in the same market as the apps in our retail investing data, while the cash fund is the product most likely to move deposits into fee-bearing balances.

N26 Lending and Telecom Products in Spain

• N26 offers personal loans up to €15,000 with an interest rate starting from 4.06% APR in Spain.
• Loan amounts run between €1,000 and €15,000 with a repayment term of 12 to 60 months.
• The bank added a flexible overdraft with a fixed interest rate of 11.63% APR.
• N26 SIM launched in Spain as the company’s second local telecommunications market after Germany, at the flat rate of €11.99 per month.
• The plan includes 20 GB of free roaming within the EU and EEA.

N26 describes Spain as one of the company’s strongest growth markets. The Spanish loan launch came weeks before BaFin stopped new Dutch mortgage lending.

N26 Employees and Leadership Changes

• N26 has an international team of 1,600 employees representing more than 90 nationalities.
• Its Barcelona tech hub is home to more than 400 employees.
• In April 2023, N26 said it would reduce its headcount by 71, or about 4%.
• Co-founder Valentin Stalf will step away from his operational responsibility as Chief Executive Officer and move to the N26 Supervisory Board, N26 said in August 2025.
• Mike Dargan joined from UBS, where he was a Group Executive Board member at UBS Group AG.

Source: N26 press releases, August 2025 to July 2026

The new team inherits a profitable business and the remediation work BaFin ordered.

Conclusion

N26 closed its latest fiscal year with €501.6 million in revenue and its first full year of profitability. Margins and deposits, more than raw growth, delivered the turnaround.

The next test is regulatory: the next annual results will show whether N26 can hold its profit while it fixes the lending and governance gaps BaFin identified.