# N26

> Source: https://docs.barcoder.ai/docs/wallets/n26
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [N26 — official](https://n26.com/)

## Overview

**N26** is **Europe's first 100% mobile-only bank with a full German banking license**, operated by **N26 GmbH / N26 Bank AG** — founded **February 2013 in Berlin by Valentin Stalf + Maximilian Tayenthal** <sup>[1][1], [2][2], [Germany report](https://docs.barcoder.ai/docs/payments/DE)</sup>. N26 operates across **24 European markets** (including all Eurozone countries) + serves **~8 million customers** (with **~5 million active users** as of 2025; some sources report ~4 million). N26 is supervised by **BaFin** (German Federal Financial Supervisory Authority) + **ECB**; customer deposits protected by German Deposit Protection Scheme up to €100,000.

**2025 developments**:
- **N26 SIM launch** (May 2025) — N26 enters European telecommunications market with **digitally-activated mobile plans on Vodafone Germany's 5G network**.
- **December 2025 BaFin sanctions** — Germany's financial regulator imposed tightened supervisory control + fresh business restrictions + additional capital requirements.

## History

**February 2013 — Founded in Berlin as Number26** <sup>[2][2]</sup> by **Valentin Stalf + Maximilian Tayenthal**.

**2015 — Service launches in Germany + Austria** <sup>[2][2]</sup>: Initially as prepaid card with mobile app.

**2016 — Rebranded Number26 → N26** <sup>[2][2]</sup>.

**July 2016 — German banking license** <sup>[2][2]</sup>: Among first European neobanks with full bank license; supervised by BaFin.

**2017-2020 — Pan-European expansion** <sup>[2][2]</sup>: Multi-country rollout across 23+ European markets.

**2019 — US launch + 2022 US withdrawal** <sup>[2][2]</sup>: Strategic exit from US market.

**2021 — BaFin growth-cap due to risk-management deficiencies** <sup>[2][2]</sup>: Regulatory action limited N26's customer acquisition to 50,000 new customers per month.

**2024 — BaFin growth cap lifted** <sup>[2][2]</sup>: Resumed normal customer acquisition.

**May 2025 — N26 SIM launches** <sup>[3][3]</sup>: European telecom-market entry; mobile plans on Vodafone Germany's 5G network.

**December 2025 — BaFin tighter supervisory sanctions** <sup>[4][4]</sup>: Fresh business restrictions + additional capital requirements imposed.

## Ownership & operator

**Operating entity**: **N26 GmbH** (German limited company) + **N26 Bank AG** (banking subsidiary).

**Founders**: **Valentin Stalf** (co-founder + CEO) + **Maximilian Tayenthal** (co-founder + co-CEO).

**Major historical investors**: **Tencent + Allianz X + Insight Partners + Peter Thiel's Valar Ventures + DST Global + GIC + Coatue + Greyhound Capital**. **Valuation peaked $9 billion (October 2021)**; subsequent down-rounds.

**Regulators**: **BaFin** (Germany, primary) + **ECB** (Eurozone direct supervision).

**Banking license**: Full German banking license since July 2016.

**Deposit protection**: German Deposit Protection Scheme up to €100,000 per customer.

## Technical integration

N26 is **European mobile-only neobank** <sup>[1][1], [2][2]</sup>:

| Layer | Description |
|---|---|
| **Channels** | N26 mobile app (iOS + Android) + N26 Mastercard debit card |
| **Identifiers** | Phone number + email + IBAN |
| **EU rails** | SEPA Credit Transfer + SEPA Instant + SEPA Direct Debit |
| **Card network** | **Mastercard** (N26 debit + credit) |
| **N26 SIM (May 2025+)** | Vodafone Germany 5G network mobile plans, digitally-activated, no physical SIM |
| **Apple Pay + Google Pay** | NFC tokenization |
| **Sub-products** | N26 Standard (free) + N26 Smart + N26 You + N26 Metal (paid tiers), N26 Spaces (savings sub-accounts), N26 Crypto, N26 Business, N26 Insurance |

## Users & growth

**Europe (2025)** <sup>[1][1], [2][2]</sup>:
- **Customers (over)**: 8 million across 24 markets
- **Active users**: ~5 million (some sources report ~4 million)
- **Geographic concentration**: Germany (home market) + France + Spain + Italy + Austria.

**N26 SIM launch context**: Mobile plans on Vodafone Germany 5G — distinctive bank-as-MNO expansion.

## Use cases

**Daily Eurozone retail banking** <sup>[2][2]</sup>: Cardinal use — current account, deposits, salary.

**International card spending in EUR + multi-currency** <sup>[2][2]</sup>: N26 Smart/You/Metal tiers include FX features.

**N26 Spaces (savings sub-accounts)** <sup>[2][2]</sup>: Distinctive UX feature.

**N26 Crypto (cryptocurrency trading)** <sup>[2][2]</sup>: Multi-asset.

**N26 Business** <sup>[2][2]</sup>: Freelancer + SME accounts.

**N26 Insurance distribution** <sup>[2][2]</sup>: Multi-product.

**N26 SIM mobile plans (May 2025+)** <sup>[3][3]</sup>: First European bank-as-MNO offering.

## Implementations & partners

**Operator**: **N26 GmbH** + **N26 Bank AG**.

**Card-network partner**: **Mastercard** (N26 debit + credit).

**N26 SIM partner**: **Vodafone Germany** (5G network).

**Major European competitors**:
- **[Revolut](https://docs.barcoder.ai/docs/wallets/revolut)** (UK + EU + Mexico; 70M+ users).
- **[Monzo](https://docs.barcoder.ai/docs/wallets/monzo)** (UK; 15.2M customers).
- **[bunq](https://docs.barcoder.ai/docs/wallets/bunq)** (Netherlands; profitable EU neobank).
- **Traditional EU banks**: Deutsche Bank, BNP Paribas, ING, Santander, UniCredit, etc.

**Regulators**: **BaFin + ECB**.

## Fun facts

- **February 2013 founded in Berlin as Number26** by Valentin Stalf + Maximilian Tayenthal.
- **Rebranded Number26 → N26 (2016)** + **German banking license (July 2016)** — among first European neobanks with full bank license.
- **8M+ customers across 24 European markets** including all Eurozone countries.
- **N26 SIM May 2025** — first European bank-as-MNO offering, on Vodafone Germany 5G.
- **2021 BaFin growth cap** at 50K new customers/month due to risk-management deficiencies; lifted 2024.
- **December 2025 BaFin tighter supervisory sanctions** — fresh business restrictions + capital requirements; ongoing regulatory scrutiny.
- **Peak valuation $9B (Oct 2021)**; subsequent down-rounds reflect EU neobank-sector revaluation.
- **2022 US withdrawal** — strategic exit from US market.
- **Loss-making (vs Monzo + Revolut + Starling profitable)** — N26 has not yet reached profitability inflection.

## Comparison

| Feature | N26 | [Revolut](https://docs.barcoder.ai/docs/wallets/revolut) | [Monzo](https://docs.barcoder.ai/docs/wallets/monzo) (UK) | [Starling Bank](https://docs.barcoder.ai/docs/wallets/starling) (UK) | [bunq](https://docs.barcoder.ai/docs/wallets/bunq) (NL) |
|---|---|---|---|---|---|
| Operator | **N26 GmbH + N26 Bank AG** | Revolut Ltd + Bank UAB + Bank PLC + Mexico | Monzo Bank Ltd | Starling Bank Ltd | bunq B.V. |
| Country | **EU-focused (24 markets)** | 160+ countries | UK + US + IE limited | UK | EU |
| Customers (2025) | **8M+** | 70M+ | 15.2M | 4M+ | 12M+ |
| Banking license | **German (BaFin) since 2016** | UK (March 2026) + EU + Mexico | UK (April 2017) | UK (2018) | EU |
| Profitability | **Loss-making** | $2.3B pre-tax profit | £113.9M adj pre-tax profit | Profitable | Profitable |
| Regulatory status | **Dec 2025 BaFin tightened sanctions** | Stable | Stable | Stable | Stable |

## Status

**Active, regulated-but-constrained** <sup>[1][1], [2][2], [4][4]</sup>:
- **N26 GmbH + N26 Bank AG** — full German banking license since July 2016.
- **8M+ customers across 24 European markets** (~5M active).
- **December 2025 BaFin tighter supervisory sanctions** — ongoing regulatory scrutiny.
- **N26 SIM (May 2025+)**: bank-as-MNO mobile-plan offering on Vodafone Germany 5G.
- **Loss-making** vs profitable Monzo/Revolut/Starling competitors.

## Sources

[1]: https://research.contrary.com/company/n26 "N26 Business Breakdown — Contrary Research"
[2]: https://www.thegermanylife.com/n26-bank-2025-review-is-this-still-the-best-digital-bank-in-germany/ "N26 Bank 2025 Review — Germany Life"
[3]: https://www.crowdfundinsider.com/2025/05/239358-digital-bank-n26-enters-germanys-telecommunication-market-with-digital-mobile-plan-offer/ "N26 enters German telecom — Crowdfund Insider"
[4]: https://www.tipranks.com/news/market-news/n26-on-the-hot-seat-can-europes-digital-bank-stabilize-as-oversight-intensifies "N26 BaFin oversight intensifies — TipRanks"
[de-cro]: https://docs.barcoder.ai/docs/payments/DE

- [1] [N26 Business Breakdown — Contrary Research][1]
- [2] [N26 Bank 2025 Review — Germany Life][2]
- [3] [N26 enters German telecom — Crowdfund Insider][3]
- [4] [N26 BaFin oversight intensifies — TipRanks][4]
- <sup>[Germany report](https://docs.barcoder.ai/docs/payments/DE)</sup> In-corpus: `reports/countries/DE-germany.md`

## Source

Biography extracted from [n26.md](https://docs.barcoder.ai/source/wallets/n26). See `matrix.md` for standards-support matrix if present.