European online banks 2019, by funding amount

In July 2019, the Berlin based mobile bank N26 saw extended series D funding bring the company's total funding to over 680 million U.S dollars, making it the highest funded online-only bank in Europe. As of June 2019, N26 boasted 3.5 million customers, second only to the London based firm Revolut. Although disruptor banks have seen breakneck growth in users, they still pale in significance compared to some European traditional banks. That being said, disruptor banks are now a major concern when it comes to competing for revenues.

The change in how people bank

Across Europe, individuals are adopting new technologies and methods as to how they access and interact with their chosen banks. Online banking has now become the norm when it comes to opening new accounts.

Venture capital funding

Despite a slight drop in the volume of venture capital funding of Fintech companies in Europe between 2017 and 2018, the value of funding increased by over 680 million U.S dollars. As of January 2019, N26 was the highest valued venture capital backed Fintech company with a market value of 2.7 billion euros. In total, Europe has five ‘so called’ Fintech unicorns. A unicorn is a privately held start-up company that has a market value of over one billion U.S dollars.

Value of funding at select online only banks in Europe as of August 2019

Value of funding in million U.S dollars
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Source

Release date

August 2019

Region

Europe

Survey time period

August 12th, 2019

Supplementary notes

* Original figures were in GBP. Exchange rate used was as of date of extraction at 1 GBP= 1.21 USD.
Figures have been rounded.

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