N26 Reports 24% YoY Rise in 2022 Revenues, Plans to Launch Stocks and ETFs Trading in 2024

German challenger bank N26 unveiled recently the plan to expand its investment product offering with the introduction of stocks and ETFs within the first half of 2024.

N26 will join forces with German fintech Upvest to add the new instruments, then its customers will gain access to stocks and ETFs trading in the N26 app.

In addition, the company disclosed key financial figures for the fiscal year ended December 31, 2022 and an outlook for 2023, and it expects to achieve monthly profitability in the second half of 2024.

In 2022, N26's revenues came in at 236.3 million euros, 24% higher over 2021. For 2023, the company is forecasting the growth in its revenues to over 300 million euros, up over 30%. The volume of transactions surged 22% to over 97 billion euros in the previous year. N26 anticipates transaction volume of more than 110 billion euros in 2023. 

Gross profit in 2022 increased from 2021’s 111.6 million euros to 220 million euros, and the firm expects the figure to improve to more than 220 million euros. N26 registered an increase of 20% in customer deposits even against the backdrop of macro economic challenges, to 7.2 billion euros. The company forecasts that it will manage about 8 billion euros in customer deposits by the end of 2023.

Early last month, Fazzaco reported that, having already left the US and UK, N26 is quitting the Brazilian market ​as it narrows its focus on continental Europe.