N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal in Berlin. It holds a full European banking license, which means it operates as an actual bank — not a fintech layer on top of a partner bank. The license, granted by BaFin (Germany’s financial regulator) in 2016, lets N26 offer deposits protected under the European deposit guarantee scheme.
The bank serves customers across 24 European markets. Its products include current accounts, sub-accounts called Spaces, savings products, insurance, and investment features. N26 offers both free and paid tiers — N26 Smart, N26 You, and N26 Metal — each adding perks like higher withdrawal limits, travel insurance, and partner discounts.
N26 raised over $1.8 billion in total funding and reached a peak valuation of $9 billion in 2021. But the path hasn’t been entirely smooth. In 2022, BaFin imposed restrictions on N26, capping the number of new customers it could onboard monthly due to concerns about anti-money laundering controls. The bank invested heavily in compliance and those restrictions were gradually lifted.
N26 also pulled out of the US and UK markets to focus on its European core. By 2024, the bank had over 8 million customers and was approaching profitability. The company reached break-even on a monthly basis in late 2023. N26 is headquartered in Berlin with offices in Vienna, Barcelona, and other European cities.
