N26 Discussion & Feedback


(Punit Mannari) #1433

If you have their metal card there is no mark up fee


#1435

Where is this from? Their price list (https://docs.n26.com/legal/09+UK/01+Account/en/02account-pricelist-uk-en.pdf) shows a 1.7% charge for ATM withdrawals in currencies other than GBP, using the standard card.


#1436

That’s my point, in the price list it shows it as having 1.7% for other than GBP but in My Account on the web app it displays the Eurozone is free of charge. One of them is obviously wrong they just haven’t paid attention to the detail.


#1437

Agreed. My comment was in reply to another that has been deleted :frowning:

I would assume the web app is wrong.


(Nick) #1438

Expect they went with a wording that was true of countries using the Euro, to make things easier when they expanded across the Eurozone, and they forgot that the pesky UK is in the Eurozone but doesn’t use the Euro.

Pretty par for the course given they launched in the UK with an incomplete product. Ach.


(Jamie 🏳️‍🌈) #1439

The UK isn’t in the eurozone though. The eurozone is the 19 countries within the EU which use the euro currency.


(Nick) #1440

Doh. You’re correct, of course. I appear to have made the same mistake N26 did :weary:


(Lyes Bouakaz) #1441

Has anybody else seen a hard credit search on Experian from N26 over the past few days? I opened my account back in November, and haven’t used it for a while.


#1442

I had a soft search on the 8th of this month. I joined a couple of months ago and haven’t done anything to trigger it but as it was soft I’m not too bothered.


#1443

Monzo - 2019 - Will it Thrive or Fail?
#1444

Thanks, Nick! And here’s an article (sorry about paywall):

https://www.ft.com/content/d945cfa8-1419-11e9-a581-4ff78404524e#

Key points:

  • N26 now valued at $2.7bn - three times its valuation last year.
  • that makes it the most valuable fintech in Europe
  • they are still aiming for a US launch in the first half of this year - it’ll be “aggressive” and in partnership with an unnamed American bank
  • they are looking at potential expansion in South America and Asia
  • they are marginally profitable per customer but are focused on international expansion. They could become profitable “in the next year if we wanted” but might focus on growth instead
  • now 2.3m customers
  • 30% of UK customers have opted for the metal account

(Lyes Bouakaz) #1445

Definitely a hard search here, which seems a bit unfair. Wonder whether they can remove it?

Capture1


#1446

Congratulations to them on the funding and £2.12bn valuation.

Maybe I’m biased because I invested in Monzo, but 2.3m users in so many territories (what is it 20… 30 now?) doesn’t seem like a great deal of validation… have they even proven the concept or moved past early adopter stage with such a low average per territory?

I would personally value them below Monzo and Revolut, but then I’m not a VC deciding where billions of dollars go.

Would be really interested to hear the reasoning for why N26 should be worth more than Monzo and Revolut, if there are any believers here?


#1447

I’ve heard that N26 generates the highest revenue amongst challenger bank. No surprise given they do lending, premium accounts, fx, and a relatively robust marketplace (atleast in Germany).

Premium accounts is a big one and it’s interesting to see the proportion of customers happy to pay (I.e 30% uk users have signed up for metal).


(Dan Mullen) #1448

This particular stat surprises me given the better packaged accounts that are available at a lower price, e.g. Nationwide FlexPlus.

Perhaps people are just desperate for a metal card?


(Jamie 🏳️‍🌈) #1449

The statistic of 30% is meaningless without context.

How many UK customers are there overall? A couple of hundred, or tens of thousands? An isolated percentage has the effect of inflating the implication.

Also, these metal accounts are within the free trial, so N26 is unable to judge the effect of cancellations yet.


#1450

Is the recent TechCrunch interview, N26 mentioned that depending on the market, up to 32 to 35 percent are choosing one of the premium products. So overall, we can assume that atleast 30% of all customers subscribe (in markets where premium accounts are offered).

Personally think a subscription model in challenger banks is important for building a sustainable business model.


#1451

Here’s the TechCrunch interview (thanks @MS308!)

https://techcrunch.com/2019/01/09/n26-raises-300-million-at-2-7-billion-valuation/


(Richard) #1452

Yeah, I’ve had that too… might have to ping them a question as to why.

Edit: they also did a soft search on the same day :thinking:


(Jamie 🏳️‍🌈) #1453

Ah, OK. I think “30% UK users have signed up to metal” (to quote you) is very different to “Around a third of N26’s customers are paying every month for a premium account“ (which is what the article actually states).

Taking into consideration that the UK bank account has only had Bacs and direct debits for a couple of days, and has only been launched a couple of months (the metal premium version vastly less so), I wouldn’t extrapolate that UK premium signups are anywhere near the company average.

I think your assumption is flawed.