COMPANY PROFILE -N26
Business Sector :Banking & Financial Services
Operating Geography :Germany, Europe, Global
About N26 :
N26 is a German neobank that develops distinct mobile banking solutions in the European Union through its subsidiaries. The company is headquartered in Berlin, Germany with an international workforce of 1,500 employees, catering to over 5 million customers in 24 markets as of 2020. It systematically provides international money transfer, overdraft, investment, cash withdrawal and deposit at stores. N26 was established by its founders Max and Valentin in 2013 to transform banking with the latest technology. The company launched its first products, revealing their free N26 bank accounts and N26 Mastercards in Germany and Austria. The company gained over 80,000 users just in the span of a year. The N26 mobile app, which initially started with local bank collaborations, now has garnered the attention of major names as partners such as Mastercard, Clark, TransferWise and Auxmoney. Their mobile app has been a major success for the company due to its great user-friendliness.
It has expanded its footage across the world with offices in Berlin, Barcelona, Vienna, New York and Sao Paulo. N26 has remarkably raised $670 million from the world’s most established investors, especially from Insight Venture Partners, GIC, Tencent, Allianz X and many others. The company has gained prominence across the world through its innovative technologies, subsequently winning the award for the “Best Banking Mobile App” at the Simple Dollar Awards of 2020.
N26’s unique selling proposition or USP lies in being ranked amongst the top ten most valuable FinTech companies worldwide. N26’s mission statement reads, “To build a bank the world loves to use.”
N26 Revenue :
EUR 43.6 million– January 1 to December 31, 2018
EUR 11.2 million– January 1 to December 31, 2017
Competitive Analysis of N26
The SWOT analysis for N26 is presented below in a table followed by the detailed analysis report.
| Strengths | Weaknesses |
1. Rapid increase in customer base
2. Increasing partnerships with leading industries across domains
3. More flexible and agile in comparison to traditional banks
4. Business model based on prioritizing customer experience
5. Europe’s most valued brand through regular series of funding rounds
| 1. Failing to incorporate traditional banking key features
2. Criticism regarding identification and verification process
3. Fraudulent transactions invite banking regulatory orders
4. Not having profitability as a core metric may not be sustainable for long
|
| Opportunities | Threats |
1. Neo-bank’s like N26 can always explore into trading and other banking services online
2. N26 expansion to new markets to increase customer base and market share
| 1. Highly competitive market with more neobanks coming into existence with wide range of product offering |
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Detailed SWOT Analysis of N26
Strength
1. Rapid increase in customer base: N26 is a Berlin based neo-bank setup in 2013. Neo-banks are 100% digital banks without any physical branches. N26 acquired banking license in 2016 from BaFin. N26 operates in Europe and United States. N26 offers both, basic and premium accounts. N26 has become Europe’s most valued fintech with over 5 million users. Smartphone and internet has made it feasible for users to have access to their bank accounts 24*7. It has a very strong consumer base in Germany, France and Austria. N26 recorded 1 million users as soon as it launched in Switzerland. N26 is eyeing launch in Brazil this year. Since it roll out in the United States,the German neo-bank’s consumer base growth has gained great momentum and is pending 100,000 application for verification. It is also running advertisements and campaigns to reach every probable customer. N26 is eyeing to become a global brand by adding 30 to 70 million customers.
2. Increasing partnerships with leading industries across domains: N26 has been expanding its market reach and user base through establishing strategic partnerships. N26 has been collaborating with leading brands across different domains. N26 recently partnered with Lime, a transportation company which offers electric scooters on the go. User’s also get discounts hiring these scooters while paying through N26. Similarly, N26 also partnered with Booking.com to offer easy payments and make travel for its user’s smarter. N26 and Booking.com offer their existing customers with 20% discount on accommodations and 10% cashback if transaction or payments are being made through N26. This gives flexibility to the customers of N26 while they travel. N26 has over 15 such partnerships with different brands.
The remaining section of “Strength” is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
This section is available only in the 'Complete Report' on purchase.
Threats
This section is available only in the 'Complete Report' on purchase.
The PESTLE / PESTEL analysis for N26 is presented below in a table followed by the detailed analysis report.
| Political | Economical |
1. Brexit causing N26 to exit UK operations
2. Regulatory challenges in the US market
| 1. Financial and economic crisis has changed the business outlook |
| Social | Technological |
1. Inclination of millennials towards neo-banks
2. Concern for privacy and safety is major fear among senior citizens
| 1. Continuous innovation and introduction of AI customer service
2. Adopting security strategy to avoid cyber-attacks
|
| Legal | Environmental |
| 1. N26 in line with BaFin regulations | 1. Offering renewable energy through Lition’s blockchain-powered energy trading technology
2. Paper-less bank increasing eco-friendly quotient
|
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Detailed Pestle Analysis of N26
Political
1. Brexit causing N26 to exit UK operations: N26 had its operations extensively running throughout Europe. Britain-wide referendum conducted in 2016 under the leadership of Theresa May voted 52% in favor of withdrawal from European Union. United Kingdom had officially announced exit from European Union on 31st January 2020 with the completion of the process. Following this N26 announced to freeze its operations in Britain. N26 has European banking license from European Central Bank which was not valid for UK after Brexit. N26 has retained its workforce from UK and continue as a part of N26 while it grows internationally. All customers outside Britain will remain unaffected.
2. Regulatory challenges in the US market: U.S. banking is regarded as one of the most competitive markets gloablly. Rigid competition is witnessed by the U.S. markets as traditional banks have adapted to the smartphone era better than many of their European cousins. In the U.S., a neo-bank must rely on a partner bank for federal insurance. This itself raises questions on their trust and reliability factor. Additionally, partner banks eat into the profit margins of neo-banks; The neobank has to pay the partner for their services and reliance. All these challenges — increased costs, a more competitive environment and a tougher regulatory ecosystem — hobble up growth for challenger banks such as N26 in the U.S. market.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
This section is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Major Competitors :
- Revolut
- Starling Bank
- Curve
- Transferwise
- Simple
Major Brands :
- N26
- N26 You
- N26 Metal
- N26 Business
- N26 Business You
On purchase the N26 SWOT & PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Check Out Analysis of Other Relevant Companies
References used in N26 SWOT & PESTLE Analysis Report
1. Panorama of the French neobanks - https://home.kpmg/content/dam/kpmg/fr/pdf/2019/09/en-etude-neobanque-s1-2019.PDF
2. Digital Inclusion and the Elderly: The Case of Online Banking - http://lrec-conf.org/workshops/lrec2018/W14/pdf/2_W14.pdf
3. Our relationship with money is changing—we spoke to our customers to learn more -
https://n26.com/en-eu/blog/covid-19-is-changing-our-relationship-with-money
4. Mobile bank N26 closes door on UK after Brexit -
https://iclg.com/ibr/articles/10787-mobile-bank-n26-closes-door-on-uk-after-brexit
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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