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N26: Growth is placed on the backburner over profitability

N26: Growth is placed on the backburner over profitability

🥁 Introducing the latest addition to our library of Deep-Dive reports:


N26: Growth is placed on the backburner over profitability 

Deep-dive and Benchmarking


This year has not been the easiest one for anyone, but we are on a never-ending mission to bring you the best information available about the most important players in the Fintech industry. We have created a library of what we consider the must-know for anyone interested in how the financial world is changing with the help of technology. And our newest addition is none-other than N26! 


Differently, from our last report on N26: Racing for Differentiation, this document focuses on how the bank has changed priorities to improve its position in the post-pandemic world. 


In an interview during 2019 to the Financial Times co-founder Maximilian Tayenthal’s disregard of profits “In all honesty, profitability is not one of our core metrics,” today things are different. Under the context of the pandemic, N26 shifted priorities to substantially reduce costs and drive operational efficiencies. Moving forward in 2021, as FinTech valuations have crumbled in the last year, impacted by rising rates of interest, excessive inflation and growing financial uncertainty,  profitability has become critical to start-ups to reassure investors and N26 is not the exception. High valuation and un-profitability business can be a dangerous mix for a potential IPO performance.


In their latest financial results, Jan Kemper Chief Financial Officer for N26 mentioned “the company wants to get to break even without needing to raise more funds” showing that N26 moved away from growth toward profitability-focused indicators, where increasing users' activity and engagement are key for them to ensure it is building a pathway to sustainable future growth.


After leaving the UK and the US, N26 landed in Brazil, with a new local positioning and with the vision to serve 100m customers globally. However current strategy shows a bank concentrated to keep its lead in Europe aiming to grow customer activity and account usage, rather than user numbers.  The mid-term internationalization strategy will continue to deepen the company’s footprint in existing core European markets, primarily Germany, France, Italy, Spain and Austria.


C-Innovation Research


The team at C-Innovation has exclusively sifted through N26’s latest financial statements, blog entries, press releases, and international media commentary from reputable sources such as Forbes, Business Insider, and the Financial Times, in order to provide a 50+ slide report which reveals N26’s success factors, current challenges and what the future prospects look like for the company. Subscribers can also access the raw data of our analysis. 


This report is aimed at FinTech businesses, enthusiasts and corporate banks looking for actionable takeaways which address current issues in the digital space. It provides insights on how to adapt to continue to survive and evolve by having a real example, a successful neo-bank. And we tell you all you need to know. 



Report Contents


  • Background of the company 🔦

  • Breaking milestones​

  • Company Overview​

  • N26’s Approach​

  • Executive Team​

  • Shareholders and Investors​

  • Platform​

  • Criticism​


  • Growth Strategy 📈

  • Market Entry Strategy ​

  • Early results​

  • Customer Growth​

  • Product Stack​

  • Partnerships​

  • Approach to marketing ​

  • Funding, growth and Valuation​

  • Ins and Outs of International Expansion


  • Business Model 👔

  • Group Structure​

  • Revenue model ​

  • Value Proposition​

  • Key Features​

  • Revenue Split


  • Financial Metrics 💸

  • Overview​

  • Performance Indicators​

  • Gross Income, costs & Net Loss​

  • Revenue Breakdown​

  • Transaction volume and customer growth​

  • Evolution of Customer Deposits​

  • N26’s Unit Economics​


  • Competitors 🏁

  • The competitive landscape ​

  • Valuation compared to direct competitors​

  • Key indicators Vs British competitors ​

  • Features compared ​

  • International Payments​

  • New customers YoY by digital brands​

  • Business Banking perspectives​


  • Future Perspectives🔮 

  • Where profit will come from?​

  • Focus on core markets​

  • IPO prospects and room for growth​


  • Key Takeaways 🚀


Not completely convinced yet? Have a look at what you will have access to from C-Innovation to you…


  • ☺️ All of our sources are displayed and are up to date - leaving nothing to second-guess!

  • 🔨 We have done all the hard work (sifting through financial statements and long press releases) and synthesised this information so that it is as easy to read, digest and apply as possible!

  • 🏝️ Themes and key points are stand-alone, so if you need information quickly it can be easily identified and understood independently from previous slides.

  • 🏠 Our experienced analysts are in-house, so if you have any additional questions we are just an e-mail away.

  • 👃 Our opinions are objective and unbiased - we are not affiliated with any companies featured in this report and simply enjoy sticking our noses into their business model…!



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