Neobank N26 aims to triple the customer base in Belgium – Companies

The German neobank N26 wants to grow faster in Belgium. N26 claims to have 200,000 users in our country. That should be three times as many in 2025, says Jérémie Rosselli, general manager of France and the Benelux.

N26 is one of the fastest growing digital banks in Europe. At the beginning of this year, the neobank reached 7 million users. But the N26 was also discredited when it wrongfully blocked and closed customer accounts a few months ago. There were also victims in Belgium. “It was a mistake we apologize for. It should not have happened,” said Jérémie Rosselli.

The error occurred as part of the bank’s tightened anti-money laundering policy. The N26 was repeatedly reprimanded by regulators because its control systems in the fight against fraud and money laundering were inadequate. Therefore, they imposed on the bank growth restrictions in Italy and Germany.

A solution has now been found for the approximately 1,000 affected customers, says Rosselli. He kindly points out that most people chose to reopen their account at N26, even though they could have transferred their money to another institution.

Focus on Europe

The N26 decided last year to withdraw from the US to focus on Europe. The neo-bank is already quite strong in large countries such as Germany, France, Italy and Spain. In the coming years, she will also make an impact in the Benelux, Portugal and Ireland.

In Belgium, the N26 claims to have 200,000 users. In 2020, the bank welcomed 40,000 new customers and 45,000 last year. That growth should accelerate in the coming years. “We aim to triple the number of customers by 2025,” Rosselli said. “It’s a realistic goal.”

He points out that most of N26’s customers in Belgium are active users: “Our customers perform an average of 17 transactions a month worth € 1,100. Our app has become their daily banking tool for them. We encourage that use because they parties generate revenue for us on payment transactions. The paying premium packages are another source of income. As a result, the N26 is already profitable in Belgium. “

Savings products and credits

N26 offers Apple Pay and Google Pay for free and wants to continue innovating in the coming years by adding new features to its app. From next year, the bank also wants to offer savings products and loans to its Belgian customers. Rosselli: “If interest rates rise, savings accounts will become attractive again. In Germany, we are working with Raisin, which makes high-interest accounts from different countries available to local savers.”

N26 is one of the fastest growing digital banks in Europe. At the beginning of this year, the neobank reached 7 million users. But the N26 was also discredited when it wrongfully blocked and closed customer accounts a few months ago. There were also victims in Belgium. “It was a mistake we apologize for. It should not have happened,” said Jérémie Rosselli. The error occurred as part of the bank’s tightened anti-money laundering policy. The N26 was repeatedly reprimanded by regulators because its control systems in the fight against fraud and money laundering were inadequate. They therefore imposed growth restrictions on the bank in Italy and Germany. A solution has now been found for the approximately 1,000 affected customers, Rosselli says. He kindly points out that most people chose to reopen their account with the N26, even though they could have transferred their money to another institution. The N26 decided to withdraw from the US last year to focus on Europe. The neo-bank is already quite strong in large countries such as Germany, France, Italy and Spain. In the coming years, she will also make an impact in the Benelux, Portugal and Ireland. In Belgium, the N26 claims to have 200,000 users. In 2020, the bank welcomed 40,000 new customers and 45,000 last year. That growth should accelerate in the coming years. “We aim to triple the number of customers by 2025,” Rosselli said. “It’s a realistic goal.” He points out that most of N26’s customers in Belgium are active users: “Our customers make an average of seventeen transactions per month worth 1,100 euros. Our app is the tool for them every day. We encourage this use because the fees on payment services generates revenue for us. The paying premium packages are another source of revenue. As a result, N26 is already profitable in Belgium. “N26 offers Apple Pay and Google Pay for free and wants to continue in the coming years innovating by adding new features to its app. From next year, the bank also wants to offer savings products and loans to its Belgian customers. Rosselli: “If interest rates rise, savings accounts will become attractive again. In Germany, we are working with Raisin, which makes high-interest accounts from different countries available to local savers.”

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