BrokAIr Reviews

N26 Review

"N26 has been the subject of numerous customer complaints and has been flagged for poor customer service. Is this the future of online brokerages?"

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N26 Review

Overview

N26 is an online banking platform based in Berlin, Germany, that offers a range of financial services including current accounts, savings accounts, investments and loans. Founded in 2013 by two entrepreneurs, Valentin Stalf and Maximilian Tayenthal, N26 has grown significantly over the years, expanding its operations into 24 European countries. It currently has over 3 million customers. N26 stands out from traditional banks by providing a mobile-first experience with no branch network, low fees and 24/7 customer service.

Pros and Cons

Founders

N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal. Both entrepreneurs have extensive experience in the banking and financial services sector. Stalf was an early employee at Rocket Internet while Tayenthal worked at a venture capital firm in London. Together they saw an opportunity to revolutionize the traditional banking sector through a mobile-first experience. They raised $215 million in funding and have since grown the company to over 3 million customers.

Public Opinion

Generally, public opinion of N26 is mixed. On one hand, many users appreciate the convenience of having a mobile-based bank account with no branch network and low fees. On the other hand, there are complaints about the lack of features such as overdrafts or credit cards and some have questioned the customer service experience.

Newsworthy Events

In April 2020, N26 received a full banking licence from the German regulator BaFin as it seeks to become a fully licensed bank in Europe. The company has also announced plans to expand into the US market in 2021. Additionally, N26 recently partnered with Mastercard to launch its new debit card product. The company aims to grow its customer base through these partnerships and provide more banking services to its customers.