This is how N26 developed in the 2020 financial year

In its first pandemic year, Berlin-based Neobank grew less than expected. Fee and commission income increased by 15 percent compared to fiscal 2019.

Direct bank N26 has published its annual report for 2020. According to the report, the company had 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 commissions especially from credit card business and account fees. In addition, there was also 14.8 million euros in interest income.

The number of customers also continued to rise in 2020: It added about 600,000 new customers compared to the previous year. According to its own figures, the bank thus had 2.9 million customers. The revenue per customer calculated Finance Forward to around 33 euros. In fiscal 2019, the ratio had still been 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. As a result, the premium account N26 Smart has been available since the fourth quarter of 2020. Two years ago, the online bank also closed its London branch. Last year, the start-up also gave up its US business.