The German neo-bank N26 wants to develop rapidly in Belgium. If at present, N26 claims some 200,000 users in Belgium, this neo-bank intends to triple this number by 2025, as announced by Jérémie Rosselli, general manager for France and Benelux.
N26 is one of the fastest growing digital banks in Europe. At the beginning of this year, the neo-bank passed the milestone of 7 million users. But N26 also discredited itself a few months ago when it wrongly blocked and closed customer accounts. There have been closed accounts with us as well. “It was a mistake for which we apologize. It should never have happened,” said Jérémie Rosselli.
N26 is one of the fastest growing digital banks in Europe. At the beginning of this year, the neo-bank passed the milestone of 7 million users. But N26 also discredited itself a few months ago when it wrongly blocked and closed customer accounts. There have been closed accounts with us as well. “It was an error for which we apologize. It should never have happened”, says Jérémie Rosselli. The error occurred within the framework of a reinforcement of the anti-money laundering policy carried out by the bank . In the past, N26 had already been reprimanded on several occasions by the supervisory authorities because of the insufficient safeguards put in place by the neo-bank to fight against fraud and money laundering. In Italy and Germany, growth restrictions have been imposed on the bank. But Mr Rosselli reassures, for the approximately 1,000 customers affected by an erroneous closure of their account, a solution has been found in the meantime. He also points out that most of them chose to reopen an account with N26, when they could have transferred their money to another institution.Focus on EuropeLast year, N26 decided to withdraw from the States United in order to focus on Europe. On the Old Continent, the neo-bank already has a solid footing in large countries such as Germany, France, Italy and Spain. In the coming years, it also wants to set up in Benelux, Portugal and Ireland. In Belgium, N26 claims to have 200,000 users. In 2020, the bank welcomed 40,000 new customers and last year 45,000. This growth should accelerate further in the years to come. “We aim to triple the number of customers by 2025,” says Rosselli. “It’s a realistic goal.” He points out that most N26 customers in Belgium are active users: “Our customers carry out an average of seventeen transactions per month, representing an average amount of 1,100 euros. For them, our application has become their daily banking tool. We of course encourage this use because the fees on payment transactions provide us with income. Paid accounts with premium card are a second source of income. As a result, N26 is already profitable in Belgium “Savings and Loans ProductsN26 offers Apple Pay and Google Pay for free and wants to continue innovating in the years to come by adding new features to its application. From next year, the bank also wants to offer savings products and loans to its Belgian customers. Rosselli: “When interest rates rise, savings accounts will become attractive again. In Germany, we work with the Raisin platform, which offers local savers access to savings accounts at the lowest interest rates. interesting, all over Europe.”