German mobile banking app N26 is looking to expand its services and increase employee headcount this year.
N26 also announced that it now has more than seven million customers across 25 countries. Its transaction volumes also reached more than €5.5bn monthly, allowing the bank to focus more on introducing new digital products to serve everyday needs of its customers.
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By GlobalDataIt offers a subscription-based model, charging between €4.9 and €16.9 for a range of features. This year, the neobank is planning to expand beyond subscription, core banking and payments business and offer new services, increasing its revenue streams.
It includes the development of a connection to the financial ecosystem from within the banking experience via the new N26 Marketplace. Plans are also on to hire more than 200 staff, globally this year, the bank said.
N26 will continue offering relevant products and features to its customers such as virtual cards and advanced statistics, which help customers to better understand their spending behaviour, bring additional local payment options.
According to a CNBC report, the challenger bank is planning to make its first acquisition, after narrowing down its losses despite Covid-19 headwinds.
The challenger bank, which was valued at $3.5bn last year, said that net losses from its core European operations stood at €110m last year, versus €165m in 2019.
Till now, it raised $800m from investors including Tencent and billionaires Peter Thiel and Li Ka-shing. It is now looking to acquire a fintech competitor, the report said.
N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal. Its rivals include Revolut in Europe and Chime in the US.
In December last year, it was reported that Stalf is planning to secure additional funding, ahead of its initial public offering (IPO), which could take place in 2023.
Last May, it raised $100m, after extending its series D round to $570m.
