You don’t sign up for a bank account every day. And yet, German startup N26 has managed to attract 1 million clients across Europe. They generate €1 billion in transaction volume every month ($1.17 billion).
It took N26 only nine months to grow from 500,000 to 1 million. And the company now plans to have 5 million users by 2020.
It’s an aggressive goal, but N26 plans to expand beyond the Eurozone. The company confirms that customers based in the U.K. and the U.S. will be able to create an N26 account in the coming months.
While N26 announced a new metal card at TechCrunch Disrupt in December 2017, the card has only been available to some customers. Everybody will be able to sign up for a metal card within the next few weeks.
Revolut is still slightly ahead of N26, but both companies are growing quite rapidly. N26 currently gets 2,500 new users every day. Back in February, Revolut said it was attracting between 6,000 and 8,000 new users per day. The company now has nearly 2 million users.
Of course, you can’t really compare Revolut with N26 as Revolut isn’t technically a bank account. It’s much easier to sign up to Revolut as you don’t need to initiate a video call to verify your identity.
But it’s clear that both companies are doing incredibly well right now when it comes to growth.