Reflecting on 2022 and looking ahead at what’s to come for N26

2022 was a year with significant challenges: The global economy faced a significant slowdown, we saw trade tensions between various countries and one of the highest inflation rates in decades. The cost-of-living crisis and the war in the Ukraine continue to be concerning and shocking.  

As a consequence, we saw many companies, especially in the tech space, making difficult decisions in 2022. Cost cutting and seeking additional financing just being two of them. 

As a global digital bank, N26 is not immune to the impacts of economic challenges. But we continued to build on our strong business model together with our outstanding and dedicated teams. Together, we were able to deliver a successful 2022:

• We presented our 2021 financial results in October 2022, showing strong revenue growth. We grew our customer base significantly and saw deposit volumes increase by more than 50% in 2021 - an important sign of trust from our customers and a development that will make us even more resilient for the future.
• Our cryptocurrency trading product was introduced in Austria in 2022. N26 Crypto meant our Austrian customers were the first to have the opportunity to buy and sell cryptocurrencies directly in their N26 App. 
• In November 2022, we announced our new supervisory board and our transformation into a German Stock Corporation (AG), an essential step to evolve the governance structures in preparation for the next stages of N26’s development.
• In Spain, we were the first neobank to join Bizum, giving our customers one more way to send and receive money instantly.
• Throughout the year, we offered many new features to our customers, from saving tools to budgeting tools like our “IBANs for Spaces” feature, helping customers manage their bills, rent, and subscription payments in the most intuitive way. 

We will continue to build on these achievements in 2023. Some of the key initiatives we are planning for our customers in 2023 include:

• We will expand our N26 Crypto product offer to additional markets, offering customers the opportunity to buy and sell almost 200 coins within their N26 app
• We will continue to put customer experience first, further improving our seamless and convenient digital banking experience in a safe and secure way.
• We will launch new features to support our customers through navigating the current cost of living crisis, while further expanding our Spaces functionalities. 

Digitalization will continue to transform the banking industry and the way we deliver financial services to customers. And N26 will continue to contribute to this transformation as we seek to meet the needs of and expectations of our customers everyday. 

Valentin Stalf, Founder and CEO, N26

Maximilian Tayenthal, Founder, Co-CEO and COO, N26