N26 is one of the best Bank in EU

N26, the first pan-European mobile-only bank, achieved rapid expansion and today is serving more than 5 million customers worldwide.

History

The company was founded as a financial technology startup in 2013 by Valentin Stalf and Maximilian Tayenthal. The name is derived from the 26 smaller cubes in a complete Rubik’s Cube. In April 2015, N26 received €10 million in a Series A round by Valar Ventures. Valar Ventures was co-founded by Peter Thiel, PayPal‘s co-founder.

Initially, Number 26 started operations without holding a banking license; instead, it was provided an interface to a back end provided by Wirecard. In July 2016, it re-branded as N26 Bank, having received its own banking license from BaFin.

In June 2016 N26 notified several customers that their accounts were going to be terminated. The company cited as main reasons that some customers were making too many ATM withdrawals, while others were suspected of money laundering.

In November 2016, customers were asked to transfer their accounts to N26 Bank’s infrastructure. As a result, they would have to get a new account IBAN number, while the previous accounts held by Wirecard would be terminated. During the transfer of its customer base to its own banking infrastructure, N26 customers took to social media to report various problems.

In December 2016, N26 announced that its basic current account would become available to 17 Eurozone countries.