How N26 developed in the 2020 financial year

Berlin-based Neobank grew less than expected in the first year of the pandemic. Commission income increased by 15 percent compared to the 2019 financial year.

The direct bank N26 has published its annual report for 2020. According to the report, the company developed according to plan before loss absorption. The online bank secured commission income of 95.3 million euros, 15 percent more than in 2019. The company receives commission in particular from the credit card business and account fees. There was also 14.8 million euros in interest income.

The number of customers also increased further in 2020: Around 600,000 new customers were added compared to the previous year. According to its own figures, the bank now had 2.9 million customers. The income per customer was calculated Finance Forward at around 33 euros. In the 2019 financial year, the ratio was still 36 euros. The pandemic had a negative impact here: Customers held back on spending and traveled less.

In 2020, N26 repositioned itself in the premium customer business. The N26 Smart premium account has therefore been available since the fourth quarter of 2020. Two years ago, the online bank also closed its branch in London. Last year, the start-up also gave up its US business.