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Number of customers at European online banks in 2019

Number of customers at select online only European banks in 2019 (in millions)

by James Cherowbrier, last edited Sep 16, 2019
Number of customers at European online banks in 2019 In February 2018, the London based company Revolut announced that they had hit 1.5 million customers, a figure that had grown to 3 million by November 14th, 2018. The incredible acceleration of new customers joining these online only banks has been mirrored by the Berlin (Germany) based N26 who have seen their customer base double between June 2018 and December 2018. As of August 2019, the two most popular European online banks boast almost ten million customers between them.

Exponential growth

The speed at which online banks are acquiring new customers is nothing short of incredible. If this continue, N26 and Revolut combined are forecast to have over 15 million customers by December 2020. Despite the huge growth, they still have some way to go to meet the online usage levels of banks including Sberbank and BBVA.

Funding

The founder and CEO of N26 Valentin Stalf announced that the company’s Series D funding it acquired would be used to increase customer numbers to 5 million by the beginning of 2020. The extended round in funding in July 2019 has meant that the Berlin based disruptor has become the most funded online bank in Europe. The speed in which, fintech firms and disruptor banks have risen has seen several them reach Unicorn status.
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Number of customers at select online only European banks in 2019 (in millions)

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