N26 reaches 100 thousand customers in Ireland. #N26 #MOBILEBANKING

The Mobile Bank, N26, today announces that it has reached over 100 thousand customers in Ireland.  N26’s Irish customer base grew by over 152 percent in 2019, with the majority of signups coming from referrals of friends and family.

N26 is a fully licensed bank by the European Central Bank since 2016 and delivers a more comprehensive banking experience for customers. With over 3.5 million customers across 26 markets including the US, N26 customers execute over €2.3 billion in monthly transaction volume. N26 has over 10,000 new customers opening an account each day.

Irish Customer Insights

  • Over the course of 2019, growth in N26’s female customer base has outpaced that of the male customer base by over 50 percentage points in Ireland. The number of female customers grew by 192% in 2019, compared to 135% growth for the male customer base

  •         N26’s 18 – 24 year old demographic was the fastest growing age group in Ireland, growing more than threefold in 2019 (257%)

  •         The second fastest growing demographic was the 50-54 year old age group (155%) followed by the 55-59 year old age group (153%)

  •         The 25-29 age group is the largest for N26 in Ireland, making almost 25% of its Irish customer base.

  •         The number of N26 customers in Ireland over 65 more than doubled in 2019 (123.5%), outpacing growth in the 30-34 year old age group (119%).

  •         The oldest Irish N26 customers are in their eighties.

Irish Customer Behavior

  •         The top 5 merchants in Ireland among N26 customers this year were:
  1.         Lidl
  2.         Supervalu
  3.         Amazon
  4.         Deliveroo
  5.         Leap Card

  •         The top categories of card spend were:
  1.         Groceries
  2.         Eating Out
  3.         Travel

Operational Developments

 

After first launching in Ireland in 2017, N26 has been testing its products and marketing in the market to better understand the needs of Irish customers. The digital bank plans to significantly increase investment in the market in 2020.

N26 has appointed Sarunas Legeckas as the General Manager of European Expansion Markets, who will be overseeing the Irish market.

Legeckas is responsible for eighteen key markets across Europe, including BeNeLux, the Nordics, the Baltics, the CEE region as well as a number of Southern European markets.

Legeckas brings more than ten years experience in building and expanding growing tech businesses across different geographies. Born in Vilnius, he studied Telecommunication Physics and Electronics at Vilnius University and holds an MSc degree in Enterprise Management from the UK’s Newcastle University.

He started his career as a project manager for engineering projects at Fima before moving to Barclays Bank where he worked as Innovation & Customer Experience project manager for 5 years. He was the Co-Founder and CEO of PlaceILive.com, a platform connecting real estate buyers/senders, where he played a leading role in the company’s rebranding as Hyperb, focusing on software development and real estate domain capabilities.

He has been featured on the New York Times as CEO of PlaceILive and named as one of the TOP100 digital challengers in the CEE region by Google and Financial Times, as one of the people who are changing and improving the world with their projects and ideas.

Sarunas Legeckas, General Manager of European Expansion Markets: “Ireland is one of the most progressive markets in Europe in terms of fintech adoption and has the potential to become a leader as a cashless society. I am delighted to be appointed as the General Manager for Ireland at N26, serving our Irish customers with the support and product they deserve,” he said.

“Whilst incumbent banks continue to neglect the needs of customers with increased rates and weak IT security, Irish customers are turning towards a truly safe digital mobile banking experience that puts the customer at the centre. As a fully licensed bank under the supervision of the respected German regulator, BaFin, N26 offers a safe, flexible and transparent banking experience, designed to seamlessly support the way they choose to live and bank each day.”

N26 will continue to focus on developing its current product offering so to strengthen the foundations of challenger banking in the market.  N26 currently offers Irish customers standard accounts which are free, to give people access to basic banking products. The digital bank also offers its premium products, N26 You and Metal, accounts designed to give people the power to live and bank their way.

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