German digital bank N26 is set to open a new security-focused technology and innovation hub in Vienna, Austria.

The company aims to employ more than 300 software engineers, product managers and IT specialists at the centre in the long term.

Recruitment is expected to start immediately as the company intends to employ around 100 people in the medium term.

Functions of N26 Vienna tech hub

The new hub in Austria will focus on developing new artificial intelligence-driven security systems that can identify fraudulent transactions faster.

It will work to bolster N26’s real-time risk scoring capabilities and card payments verification based on smartphone geodata.

Additionally, the N26 Vienna tech hub will support the development of new products and services. It includes shared accounts and peer-to-peer payments service.

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N26 general manager for Austria Georg Hauer said: “With the new tech hub, we return to the city where our two founders, Valentin Stalf and Maximilian Tayenthal, first developed the idea for the mobile bank N26.

“Austria has always been one of N26’s two home markets. No other country has more N26 users relative to its population than Austria.”

Expected to open this year, the new hub will support N26’s technology ecosystem which employs 350 people across Berlin, Barcelona and New York offices.

In the last one year, N26 is said to have tripled its workforce. By the end of this year, it intends to expand its employee strength from 1,000 to 1,500 people.

In January, the company raised $300m to take its valuation to $2.7bn. It has also revealed plans to expand to Brazil this year.