N26 plans major Irish investment after reaching 100,000 users

12 Dec 2019834 Views

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Mobile bank N26 grew its Irish customer base by more than 152pc in 2019, and has plans for some major investments next year.

Along with Revolut, N26 has made some of the biggest strides into the mobile banking market in Ireland and now has more than 100,000 customers here. The German start-up said its Irish customer base grew by 152pc in 2019, with the majority of sign-ups coming from referrals from friends and family.

It added that it plans to “significantly increase investment” in the Irish market in 2020.

Breaking down some other statistics from this year, the company said that its largest market in Ireland is among those aged between 25 and 29, accounting for a quarter of its Irish customer base. Additionally, the number of new users aged between 18 and 24 grew by 257pc in 2019.

It also saw growth among older demographics, with the number of N26 customers in Ireland over 65 more than doubling in 2019 (up 123.5pc), outpacing growth in those aged between 30 and 34 (up 119pc).

Meanwhile, the number of women customers grew by 192pc in 2019, compared to 135pc growth for men.

Digital banking growth

N26 arrived in Ireland in 2017, a year after it became fully licensed by the European Central Bank. It now has more than 3.5m customers across 26 markets, including its launch in the US earlier this year. It’s estimated that N26 users spend more than €2.3bn per month in transactions.

In July, the digital bank was valued at $3.5bn, having received more than $670m in funding.

The company recently appointed Sarunas Legeckas as its general manager of European expansion markets, giving him oversight of the fintech’s plans in Ireland. Speaking about the coming years, Legeckas said: “Ireland is one of the most progressive markets in Europe in terms of fintech adoption and has the potential to become a leader as a cashless society.

“I am delighted to be appointed as the general manager for Ireland at N26, serving our Irish customers with the support and product they deserve.”

N26 competitor Revolut recently announced plans to set up an Irish operation, appointing former Ulster Bank chief administrative officer Joe Heneghan as its CEO.

Colm Gorey is a senior journalist with Siliconrepublic.com

editorial@siliconrepublic.com