German app-only bank N26 gears up for UK launch


(Allie) #130

Not at all!


(Matthew Phillips) #131

Also does anyone have any experience of the on boarding experience of N26, I’m trying to open an account for when I move to Berlin with work but every time I try to. verify my identity I get an error message?


(P Burrows) #132

Oh wow! Thank goodness I did I didn’t apply for this card. The app sounds dreadful, I’ll keep an eye on them and when their processes and app is a bit more slick I might look again.


#133

That’s true for Tandem, but this is an N26 thread and their app is pretty good.


(Matthew Phillips) #134

I finally managed to verify my identity, only to discover I have to wait 12-14 working days for a card! How does it take that long?


#135

their CEO personally crafts it out of a block of plastic with a small chisel and a sharp knife. He was going to personally autograph each one, but left a strip on the back in case you wanted to personalise it with your signature instead


(Matthew Phillips) #136

While I was quite annoyed to find out the delivery time, that gave me a laugh!


#137

Do you already have an address in Germany in order to open an account, or could you do it with your UK details?


(Matthew Phillips) #138

I’ve had it sent to my new address in Germany.


#139

Does anyone know when N26 are planning to launch in the UK? The last I read was a blog post in Nov 17 saying early 2018. Will this target be met?


(Leon) #140

Absolutely perfect!


(Kevyn) #141

They are still advertising for a job regarding the launch of the UK market. Whilst I’m sure they will be doing prep work behind the scenes, the main aim of the General Manager UK job at the start is “You are in charge of the market entry of N26 in the UK”. I think it will be at least the Summer or even up to 2019. N26 haven’t given timescales.


(Noel Edmonds Beard Sculptor ) #142

(Jonathon) #143

I’m sort of bored waiting for them to get to the UK by this point.


(Tom Halloran) #144

Impressive numbers, but this focus on top-line users doesn’t tell you much about how engaged the users are. Do Revolut users open the app as often as Monzo users? Do they use the card as much, or pay their salary into there? Very difficult to tell but it my hunch is Revolut is used more as just a travel / FX card. In the long run its these metrics that matter so it would be interesting to see the comparison stats between N26, Monzo, Revolut etc


#145

That would be good to see. With Monese 70% of users have their salary paid in. It would be great to see how N26 compare!


#146

Same thoughts here. The article does mention this wrt N26:

They generate €1 billion in transaction volume every month ($1.17 billion).

I’d be interested to know Monzo’s transaction volumes per month. Is this public info? Transaction volume would be a better metric for use than top line numbers.


(Jack) #147

I guess you could work it out using these numbers from 2017 and 16.


#148

We’re half way through 2018 with a very different Monzo product (current account) than was used pre-2018 (pre-paid card). The extrapolation would give too wide a margin of error. I’m sure Monzo has this number internally and it’d be nice to see it alongside the real-time current account numbers.


(Tom Halloran) #149

Agreed @Theodore, those numbers go out of date so quickly with the pace of change

You can start some back of the envelope workings like this though:

  • Tom B said the average Monzo user earns double the average person. Average is £26k, so Monzo would be £52k. Say that’s £3,000 per month after tax
  • 15% of Monzo users are paying salary into Monzo, there are 700k users so about 100,000 paying salary straight in.
  • Which makes £300m coming in per month (€344m)
  • Some of that will be saved but assuming most is spent then that could be around £200-250m per month from the ‘core’ Monzo group alone

So it would be a reasonable guess that Monzo is above £500m per month, and therefore at a broadly comparable scale to N26