A new investment product for stocks and ETF trading created by N26 in partnership with Upvest is expected to launch in the first half of 2024.
N26 Group, reporting on the fiscal year results, shared its plans to launch an additional investment product in the first half of next year in partnership with German fintech Upvest.
The fintech challenger announced key financial figures for the fiscal year ended December 31, 2022, as well as an outlook for the 2023 fiscal year and a profit expectation for 2024 on Nov. 29.
N26 has increased the number of revenue-relevant customers by 300,000 to 4 million in the 2022 financial year (+8% YoY). Its revenues increased to 236.3 million euros (+24% YoY).
For 2023, the neobank expects further customer growth in a mid-single-digit percentage range. At the same time, the company is forecasting disproportionate growth in its revenues to over 300 million euros in 2023 (> +30% YoY), due to significant increases in account usage and customer activity.
By the end of 2023, the mobile bank also expects to manage around 8 billion euros in customer deposits (+8% YoY). To compare, at the end of 2022, N26 managed 7.2 billion euros in customer deposits (+20% YoY).
Inspired by the successful introduction of N26 Crypto in 2022 and the recent launch of new Instant Savings Accounts, N26 wants to expand its product offering with the opportunity to trade stocks and ETFs directly in the N26 app next year.
Expecting accelerated customer growth and improved customer profitability, the company forecasts it would become profitable on a monthly basis in the second half of 2024.
In the 2022 financial year, N26’s net loss increased by 24% to 213.4 million euros due to enhanced investments in its infrastructure. In particular, the company significantly increased its investments in compliance to more effectively combat the growing threat of financial crime.
