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N26 Bank SE, doing business as N26, and formerly named Papayer GmbH, and Number26 GmbH, is a multinational German fintech and neobank company based in Berlin that offers a variety of financial services to individuals and businesses. N26 was founded in 2013 by Rocket Internet, an incubator, and operates in various European Union member states that are members of the Single Euro Payments Area (SEPA). Their services include transaction accounts and debit cards, as well as overdraft and investment products under a subscription business model.[1]

Key Information

The name of the company is derived from the number of smaller cubes in a complete Rubik's Cube, since a 3x3x3 cube has 26 individual visible cubes (27 minus 1 hidden).[2]

History

[edit]

Founded in August 2013 by Valentin Stalf and Maximilian Tayenthal as a fintech startup under the name Papayer GmbH, N26 initially offered a prepaid Mastercard financial management solution aimed at teenagers, which was launched in February 2014.[3][4][5] During an interview with Business Insider later that year, the founders said that their service represented a niche market after receiving many inquiries regarding the availability of a similar service for adults.[6] Subsequently, after securing €2 million in seed funding during June 2014, they changed their name to Number26 and discontinued the teenage finance service to work on a broader transaction account service for general use.[7]

N26 launched their banking product on October 20, 2014, in a private beta.[8] Shortly after launch, they received €10 million in a Series A round, at which point the service has been available in Germany and Austria.[9] During their initial operations, N26 did not hold a banking license; instead, it provided an interface to a backend provided by Wirecard. In July 2016, it re-branded as N26 Bank, after receiving a banking license they applied for 9 months prior by the German regulator BaFin. The company stated that they will start operating on their own infrastructure in autumn that year. At this point, they had over 200,000 customers.[10][11]

In June 2016, N26 terminated a number of customer accounts. The company said that reasons for these closures included suspected money laundering and excessive ATM withdrawals, with some customers making 15 to 30 withdrawals per month. N26 explained that while it offered free withdrawals, it incurred a cost of up to €2 per withdrawal in Germany, and that the volume of withdrawals by some users created a financial burden that could not be sustained across its customer base.[12] The same month, N26 raised $40 million in a Series B round.[13]

When N26 started asking customers to transfer their accounts to the bank's own infrastructure in November 2016, customers had to get a new account IBAN. Accounts previously held by Wirecard would be terminated. However, many customers reported issues during account migration, with many issues to get in touch with their customer support. N26 apologized and was transparent about what happened, saying they were overwhelmed by a large amount of customer support queries, even after initial preparation. However, they did not comment on other reported issues such as funds going missing and other software bugs.[14]

N26 made transaction accounts available across 17 Eurozone countries in December 2016. Shortly after, N26 reached more than 300,000 users in March 2017, at which point they were processing over 10 million credit card transactions per year, with a transaction volume of over €3 billion.[15][16]

Following this, N26 raised $160 million during a Series C round led by Chinese internet giant Tencent Holdings and Allianz X (Allianz) in March 2018. During this time, N26 claimed to have a customer base of 850,000, aiming to have 5,000,000 customers by 2020. This was followed by an additional $300 million in funding in January 2019 as part of a Series D round led by Insight Partners with Singapore's sovereign wealth fund GIC and a few existing investors also participating, putting N26 at a valuation of $2.7 billion. With its new valuation, N26 overtook Revolut as the most valuable mobile bank in Europe.[17][18]

N26 started letting customers from the United States sign up for a waiting list on July 11, 2019. Due to the differences between EU and the US market, particularly in regards to regulatory schemes for financial providers, N26 partnered with Axos Financial to serve as the provider of its services, insured by the Federal Deposit Insurance Corporation. Unlike in Europe, where they are provided by MasterCard, N26 used Visa cards for U.S. customers.[19] The following week, the company extended its series D round with an additional $170 million investment, valuing the company at $3.5 billion.[20] In May 2020, the company announced the extension of its recent Series D round with an additional $100M raised at the same valuation.[21]

On 11 February 2020, N26 announced that it would cease doing business in the United Kingdom and close all accounts effective 15 April, due to the UK withdrawal from the European Union. The company cited the fact that European financial institutions can no longer operate in the region without applying for a banking license in the UK (rather than being allowed to operate under its EU license), as well as "the timings and framework outlined in the EU Withdrawal Agreement".[22][23]

Following internal conflicts between employees and the N26 management, the workers of N26's Berlin subsidiaries, N26 GmbH and N26 Operations GmbH, elected works councils to represent the employees of the Berlin offices in November and December 2020. The elections saw approximately 30% voter turnout, resulting in eleven elected works council members. These elections followed attempts to establish a works council in summer 2020, which were reportedly met with resistance from N26 management, including legal actions such as interim injunctions attempting to prevent employee meetings and the establishment of the electoral committee ("Wahlvorstand").[24][25][26]

In January 2021 N26 announced the upcoming appointment of former ProSiebenSat.1 Media and Zalando executive Jan Kemper as the company's Chief Financial Officer. In January 2022, the bank announced that Kemper will also be taking over the role of Chief Operating Officer in addition to his role as CFO.[27][28]

In October 2021 N26 raised $900 million in a Series E round led by Third Point Ventures and Coatue Management, and joined by Dragoneer Investment Group as well as existing N26 investors. The funding round valued the digital bank at $9 billion.[29]

In November 2021 N26 announced that it would be pulling out of the United States in January 2022, leading to the closure of approximately 500,000 accounts. American customers were no longer be able to use its app after January 11, 2022. The withdrawal was to focus on N26's core European business.[30] The company confirmed this in an official press release[31] and N26's official corporate blog.[32]

In November 2022 N26 changed its legal form from a German Limited Liability Company (Gesellschaft mit beschränkter Haftung – GmbH) to a German Stock Corporation (Aktiengesellschaft – AG). At the same time, a five-member board of directors was appointed, chaired by Marcus W. Mosen. Other members are Jörg Gerbig, Dr. Barbara Roth, Dr. Julian Deutz and Dr. Robert Killian.[33]

In the first half of 2024, N26 partners with Upvest, an investment API provider, to launch a stock and ETF trading product. This product will initially debut in Austria before expanding to the German market.[34][35]

In April 2025, N26 got featured in the Forbes World's Best Bank list in Germany.[36] Later in August 2025, co-founder and co-chief executive officer Valentin Stalf stepped down from his role as co-CEO due to conflicts with investors concerned with further sanctions from BaFin.[37]

Company

[edit]

According to N26 it employs more than 1,500 people at its locations in Amsterdam, Berlin, Barcelona, Belgrade, Madrid, Milan, Paris, Vienna, New York, Greece and São Paulo.[38][39]

In 2025, N26 announced the departure of its co-founders from executive management. Valentin Stalf stepped down as co-chief executive in August, while Maximilian Tayenthal is expected to leave his role by the end of the year. Andreas Dombret, a former Deutsche Bundesbank executive board member, has been nominated as chair of the supervisory board, pending regulatory approval. Marcus Mosen, the current chair, will assume the position of co-chief executive.[40][41]

As of August 2025, Valentin Stalf and Maximilian Tayenthal together retained ownership of roughly one-fifth of N26's equity.[41]

Product overview

[edit]
N26 Virtual Card
N26 MasterCard

N26 provides a free basic current account and a Debit MasterCard card to all its customers, as well as a Maestro card for their customers in certain markets. Additionally, customers can request overdraft and investment products. N26 also offers premium accounts (N26 Smart, N26 You and N26 Metal) which offer additional features for a monthly fee.

The account opening process can be completed online via a photo/video identification. The video identification is performed by N26's identity verification partner, IDnow. The available verification method depends on the nationality, the country of residence, and the type of ID of the customer.[42]

Availability

[edit]

N26 offers its services in 24 European countries.[43] In Austria, Germany and the Netherlands customers can additionally request a Maestro card.

N26 closed its business in April 2020 in the UK. In November 2021, they also announced that they would pull out of the American market from January 2022 closing all (approx.) 500,000 accounts there.[44]

Some parts of the website and customer service are provided in English, German, French, Italian and Spanish regardless of the customer's residency.[45]

Mobile payments

[edit]

N26 customers in several of its markets can use their smartphone for in-store purchases. N26 supports Google Pay in Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden and Switzerland,[46] while it supports Apple Pay in Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.[47] Additional countries are added as both Google Pay and Apple Pay gradually expand throughout N26's markets.

Fees

[edit]

N26 has a basic account with no monthly fee and charges no fees for basic banking transactions or credit card payments in foreign currencies. In the Eurozone (except Austria and Italy) ATM withdrawals are limited to five per month for primary account holders and three per month for others. N26 charges a €2 fee for any additional withdrawal.

ATM withdrawals in foreign currencies are also subject to a 1.70% fee for basic accounts and are free for N26 You and Metal account holders.

German customers can also withdraw and deposit money at retail locations. While there is no fee for withdrawals up to €999, deposits are subject to a 1.5% fee.

Security

[edit]

Customers can lock and unlock their MasterCard through the mobile app without having to contact N26 support. They can also enable and disable it for usage abroad or online usage and modify the daily limits for cash withdrawals and card payments. Funds held in N26 accounts are also covered by all the requisite statutory requirements of a licensed bank, and are protected up to €100,000 under the German Deposit Protection scheme.[48]

Mobile transfers

[edit]

The N26 app can scan the users' contacts in their smartphones and identify other N26 account holders. Using a service called Moneybeam an N26 customer can send funds to these contacts without having to fill in their IBAN. Moneybeam transfers are executed instantaneously at no cost.

Controversies

[edit]

Account closures

[edit]

In October 2022, it was reported that over 100 customers of N26 had their bank accounts closed unexpectedly without any prior notice from the company.[49] Business Insider reported that several customers affected included Ukrainian refugees who fled to Western Europe due to the Russian war in Ukraine, one of whom claimed that she had lost access to €15,000 and that N26 demanded proof of her identity as a condition of returning her funds.[50] While many more customers continued to discover that their accounts had been unexpectedly frozen, N26 stated on their corporate blog that account closures, which the company refers to as "blocks", are made in order to prevent crimes from customers who pose a high-risk to the company.[51]

Anti-money laundering compliance issues

[edit]

Following an inquiry made by several German media outlets that reported on several faults within N26's onboarding process, the bank caught the attention of the German Financial Supervisory Authority (BaFin) in 2018.

In May 2021, BaFin ordered N26 to improve its anti-money laundering and anti-terrorism mechanisms. BaFin later found that N26 failed to report illegal transactions to them in a timely manner and fined the company €4.25 million in June of that year.[52] Additionally, BaFin installed a supervisor in the bank and also limited the number of new customers the bank could take on to 50,000 per month.[53][54] This was then lifted to 60,000 new customers allowed in 2023, to which the growth cap was ultimately removed in June 2024.[55][56]

In 2022, the Bank of Italy barred N26 from taking on new customers following an investigation that revealed the company had failed to install a suitable anti-money laundering system up to Italian standards. The company was also prevented from offering new products and services to already existing clients in Italy which included crypto assets.[57]

Due to heavy scrutiny from both German and Italian authorities, German financial group Allianz announced intentions to sell its 5% stake in the company in April 2023. Later in July, 2023, BaFin announced an extension to N26's probationary period due to further failures to meet German financial compliance standards.[58]

In July 2025, BaFin threatened the company with new sanctions after finding additional regulatory violations not previously address or resolved by the company.[59] As a result, investors lost confidence in the executive team and several changes were made at the executive level including the removal of co-founder Valentin Stalf from his role as a co-CEO and would instead serve on the regulatory board for the company.[37]

Business strategy

[edit]

In the span of four years, N26 entered and then abruptly exited from the United Kingdom and the United States: two of the company's largest foreign financial markets.

In 2018 the company launched it's mobile banking app in the United Kingdom still riding on its German banking license valid within European Union member states (of which the UK was still a member of).[60] Less than two years later in 2020, the company shut down its app and services in the United Kingdom citing complications with the Brexit political situation and UK's incompatible financial regulation standards.[61][62] This move was met with criticism of negligence from financial analysts due to the 2016 referendum for Brexit, had already taken place and the British government confirmed the results in 2017, a year before the company entered the British market.[63][64] Nonetheless, the company held firm on Brexit being the driving factor.

In 2019, N26 launched its application in the United States with FDIC-insured banking services provided by Axos Financial. In November 2021, N26 announced that they would be ceasing operations in the US to focus more on the European markets.[32] All American accounts were eventually closed in early 2022. Forbes magazine accused N26 of failing in the American market due to strategic failures and lack of ingenuity for virtual banking products.[65]

In 2019, N26 announced their plans to enter the Latin American market and set up their first offices in Brazil in 2020. Product testing commenced in 2022.[66] In May 2023, N26 was released to customers in Brazil, but in November of that year, the company announced that they would ultimately cease operations in South America.[67]

In March 2023, Financial Times criticized the company for its corporate governance's high turnover rate.[68] Other financial news outlets have also noted that it's failures in the UK and US markets, as well as sanctions by German and Italian regulators contributed to the company's delay to file for an initial public offering but also secure funding from additional investors from in Germany and Italy.[69]

Security incidents

[edit]

In December 2016 the research fellow in computer science from the University of Erlangen-Nuremberg Vincent Haupert demonstrated how he could take advantage of security vulnerabilities in order to get access to N26 users' accounts.[70] Haupert had already notified N26 of the vulnerabilities back in September 2016.[71] N26 acknowledged the issues and claimed that they had been fixed before they became public, adding that no user account had actually been compromised.

In March 2019, German media reported that customers who had their account credentials stolen found it difficult to contact the bank and resolve the situation. Customer advocates reported that there was a growing number of complaints from phishing victims who were unable to access their accounts and found it difficult to contact the bank. In a widely reported case N26 took more than two weeks to restore access for a customer who had €80,000 stolen from his account. The reports raised the question if the rapid growth of the bank had left it ill-equipped to deal with the increasing number of support cases.[72][73][74]

Works council

[edit]

N26 management drew public criticism for its opposition to the election of works councils at its Berlin-based subsidiaries, N26 GmbH and N26 Operations GmbH in August 2020. According to the employees, trust in management was on a historical low. Following employee announcements of a company-wide election to form an election committee ("Wahlvorstand"), N26 obtained a temporary injunction seeking to postpone the meeting, arguing that the COVID-19 hygiene concept did not meet the legal requirements.[75][76] Trade unionists stated that infection protection regulations should not be used to obstruct unwanted employee representation. Johanna Wenckebach, Head of the labor law department at the Hugo Sinzheimer Institute, stated in an interview that hygiene regulations served as a pretext for preventing an event. She said that the company's subsequent organization of an alternative event demonstrated this. Wenckebach also stated that N26 management, in a widely circulated email, explicitly stated their opposition to a works council due to concerns about confrontations and process delays, saying "it is against the values of N26".[76]

To protect the named employees from further legal action, the trade union Ver.di stepped in to host the meeting at an outside venue. After N26 filed another injunction targeting Ver.di, IG Metall, another trade union organizing workers in the tech sector, called for the meeting instead.[77]

The election committee was established in a meeting that took place at the Hofbräu Berlin. The company attempted to stop the meeting through legal means through a second injunction, claiming the venue lacked an adequate hygiene concept, but failed.[76] During the meeting, the police were called over hygiene concerns, but found no violations of current COVID-19 safety measures after the venue operator, Björn Schwarz, confirmed having an approved safety and hygiene plan.[78]

The founders of N26 criticized the takeover of the event by IG Metall, stating that any quickly organized election driven by external parties "would not be inclusive, safe, or representative". They stated their support for a works council but only under adherence to existing laws. They also announced that no further legal steps would be taken against the election process to de-escalate the situation.[25]

The works councils were established in November and December 2020, with a total voter turnout of around 30%.[24] In response, CEO Valentin Stalf apologized in a blog post, stating that N26 supports the right of employees to formal representation.[79]

In May 2022 the employees elected a works council for the second time. According to a media report, members of the works council subsequently reported positive results.[80]

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

N26

View on Grokipedia
from Grokipedia
N26 is a German founded in 2013 by Valentin Stalf and Maximilian Tayenthal, headquartered in , and operating as Europe's first fully mobile bank with a complete issued by the (BaFin) in 2016. The company delivers banking services exclusively through its mobile application, including current and savings accounts, debit cards, international money transfers, overdrafts, investments in , exchange-traded funds, and cryptocurrencies, as well as supplementary offerings like mobile data plans and eSIMs, primarily to customers across 24 European countries with funds protected up to €100,000 under the German Deposit Guarantee Scheme. N26 disrupted traditional banking by emphasizing simplicity, transparency, and digital accessibility, attaining unicorn status in 2019 and a valuation surpassing $9 billion in 2021 after raising over $900 million in Series E funding, though subsequent valuations declined amid market pressures and regulatory hurdles. Notable controversies include repeated fines from BaFin for systemic delays in submitting suspicious activity reports related to —such as a €9.2 million penalty in 2024—and identified deficiencies in internal controls and , which prompted temporary caps on new customer acquisitions until compliance improvements were verified. By late 2024, N26 achieved its inaugural quarterly profit, reported revenue growth to approximately €440 million for the year, and maintained a customer base exceeding 4 million active users, signaling a shift toward sustainable operations despite ongoing of its model's scalability and risk oversight.

History

Founding and Initial Launch

N26 was founded in 2013 in , , by Austrian entrepreneurs Valentin Stalf and Maximilian Tayenthal, who shared a vision for a fully digital, mobile-first banking alternative to traditional institutions. The co-founders, longtime friends with prior experience in finance and technology—Stalf in payments and Tayenthal in operations—established the company as a startup initially focused on simplifying banking through apps, aiming to eliminate paperwork and branch visits. Prior to the full banking launch, the venture operated under exploratory models, including prepaid offerings, to test digital payment concepts in a regulated European market. In January 2015, N26 introduced its inaugural product: a free current account delivered entirely via mobile app, marking the debut of Europe's first fully mobile bank account without physical infrastructure. The app, compatible with iOS and Android, enabled instant account opening using smartphone verification, real-time notifications, and sub-accounts for budgeting, targeting tech-savvy users frustrated with legacy banks' inefficiencies. Launching first in Germany, where the company held its headquarters and early regulatory approvals, N26 quickly differentiated itself with transparent, fee-free basic services funded initially through venture capital rather than customer charges. The initial rollout emphasized user-centric design and speed, with account setup in minutes via video identification, contrasting sharply with the multi-day processes of conventional banks. By mid-2015, N26 had secured a full from BaFin, Germany's financial regulator, enabling deposit protection up to €100,000 per customer under the European deposit guarantee scheme and solidifying its transition from startup to licensed . This foundation supported rapid early adoption, as the model appealed to seeking seamless, borderless financial tools amid Europe's fragmented banking landscape.

European Growth and Milestones

N26's expansion across accelerated after obtaining a full from BaFin in 2016, enabling broader market access while ensuring customer deposits were protected up to €100,000. In December 2016, the company became available in 17 European countries, adding , , , , and to its footprint alongside earlier markets like and the . By March 2017, N26 had grown to over 300,000 customers, tripling its user base in the prior year and positioning it as Europe's leading mobile bank at the time. That October, it launched in the , entering a competitive landscape alongside rivals like and . Further growth continued in November 2018 with launches in , , and , followed by planned entries into and , reflecting a of targeting digitally savvy Nordic and Eastern European markets. A pivotal milestone came in 2019 when N26 achieved status with a valuation exceeding $1 billion and expanded to its 24th European market, solidifying its continental presence. By January 2020, the customer base reached 5 million across primarily European operations, with sign-ups doubling in the preceding year alone. In 2021, a $900 million Series E funding round propelled its valuation to $9 billion, marking it as Germany's highest-valued and fueling further product enhancements tailored to European users. Subsequent years emphasized feature rollouts and operational maturity: in 2023, N26 introduced trading, instant savings accounts, and /ETFs investing within its app for eligible European customers. The company recorded its first profitable quarter in summer 2024, amid accelerating customer growth with revenue projected to rise 40% to €440 million that year. By late 2024, N26 served 4.8 million revenue-generating customers across 24 countries, predominantly in . In 2025, it completed a into a , a pan-European corporate form designed to streamline cross-border operations and .

International Expansion Attempts

N26 announced its intent to enter the market on October 22, 2017, allowing customers to join a waitlist for account openings starting in mid-2018. The launch was delayed, with the banking app officially rolling out to waitlisted users on July 10, 2019, initially in select states before expanding nationwide by August 21, 2019, following a beta program. By the time of withdrawal, N26 had acquired approximately 500,000 customers, but faced challenges including state-by-state regulatory licensing requirements, inability to secure a national bank charter, and high operational costs amid low profitability. On November 18, 2021, N26 revealed plans to shut down its operations, citing a strategic decision to prioritize its core European customer base where it held stronger market position; accounts were closed by 2022, with funds transferred or checks issued to affected users. This retreat was influenced by intensified scrutiny from German regulator BaFin, which in 2021 imposed growth restrictions on N26 due to deficiencies in anti-money laundering controls, prompting the company to curtail international efforts to allocate resources toward compliance. Earlier, N26 had briefly operated in the , launching services there in 2018, but announced withdrawal on February 20, 2020, as it could not obtain a necessary post-Brexit, affecting around 50,000 customers whose accounts were closed by mid-2020. The company had also explored expansion into around 2020, but these plans were shelved amid the broader pivot away from non-European markets. By 2021, N26 explicitly abandoned wider global ambitions to consolidate in , a shift that persisted into 2025 amid ongoing regulatory tensions in .

Regulatory Interventions and Resolutions

In May 2021, the (BaFin) ordered N26 Bank GmbH to implement enhanced internal controls and procedures to prevent and terrorist financing, citing deficiencies in the bank's and customer processes. This followed inspections revealing inadequate safeguards against risks. In June 2021, BaFin imposed a €4.25 million fine on N26 for delays in submitting over 40 suspicious activity reports between 2019 and early 2021, which the regulator attributed to organizational shortcomings in monitoring and reporting obligations under German anti-money laundering laws. By November 2021, BaFin escalated its intervention, mandating risk mitigation measures that capped N26's customer at 50,000 new clients per quarter in —later extended EU-wide—and restricted certain high-risk exposures, while appointing an independent special representative to oversee compliance improvements. These actions stemmed from ongoing failures to adequately identify and report potential activities, prompting BaFin to prioritize remediation over expansion. In March 2022, Italy's Banca d'Italia similarly prohibited N26's local branch from acquiring new customers, following inspections that identified elevated vulnerabilities in and transaction monitoring. BaFin extended its supervisory measures in July 2023, requiring further enhancements to N26's AML framework amid persistent reporting gaps. In May 2024, BaFin levied an additional €9.2 million fine for N26's failure to timely submit suspected reports in 2022, involving hundreds of delayed notifications despite prior remediation efforts. However, the same month, BaFin lifted the customer growth cap effective June 1, 2024, after verifying substantial progress in compliance systems, including automated monitoring tools and staff . Italy's ban was also rescinded by June 2024. In August 2025, BaFin identified new compliance lapses in N26's controls, contributing to investor decisions to transition joint CEO Valentin Stalf to the after a six-month , amid heightened scrutiny of the bank's AML and . These interventions reflect regulators' emphasis on robust AML infrastructure for neobanks, with resolutions tied to demonstrable fixes rather than leniency.

Corporate Governance and Leadership

Founders and Key Executives

N26 was founded in 2013 in , , by Valentin Stalf and Maximilian Tayenthal, who initially operated under the name Papayer GmbH to develop a solution. Stalf, a entrepreneur with prior experience in payments, served as co-founder and CEO, while Tayenthal, his longtime collaborator with a background in finance and operations, acted as co-founder and . Stalf stepped down from his executive role on August 18, 2025, transitioning to the amid regulatory scrutiny from BaFin over compliance failures, which prompted investor pressure for changes. Tayenthal retained his positions as co-CEO and COO following the transition, continuing to oversee operations for the digital bank. To address ongoing regulatory challenges, Marcus W. Mosen, formerly chairman of the and a veteran in financial supervision, was appointed co-CEO effective September 1, 2025, alongside Tayenthal. Other key executives include Timo Meyer as chief growth and marketing officer, who joined in 2016 and focuses on customer expansion strategies, and Dan Hardaker as chief people officer, appointed August 1, 2025, to manage and culture. Jochen Klöpper is slated to join as and managing director for risk and compliance effective December 1, 2025, bringing expertise from Santander to strengthen oversight.

Ownership Structure and Funding

N26 operates as a privately held European company (, SE), converted from a German in January 2025. Its ownership is distributed among founders Valentin Stalf and Maximilian Tayenthal, alongside a broad base of firms and institutional investors, with no single entity holding a controlling majority publicly disclosed. Key investors include , Horizon Ventures, X, Earlybird Venture Capital, , , Ventures, and Dragoneer Investment Group, among at least 39 institutional backers and several angels such as . Detailed equity stakes remain undisclosed due to its private status, though investor influence has grown amid recent governance pressures, including demands for founder transitions in 2025. The company has secured approximately $1.88 billion in total across multiple rounds since . Initial seed and early-stage investments supported its 2013 founding, followed by a Series D round extended to $470 million in , valuing N26 at $3.5 billion. A landmark Series E round in October 2021 raised over $900 million, led by Ventures and , pushing above $9 billion and funding international expansion efforts. No major rounds have been completed since, though in June 2025, N26 explored a potential €400 million raise advised by to facilitate partial exits for investors like Coatue and amid a down-round valuation adjustment.
Funding RoundAmount RaisedValuationKey Lead InvestorsDate
Series D (extended)$470 million$3.5 billionVarious (extension participants undisclosed in detail)2019
Series E>$900 million>$9 billion Ventures, October 2021
This funding has primarily fueled product development and market entry, though regulatory scrutiny in 2024–2025 has constrained growth and investor returns, prompting the contemplated 2025 round without confirmed completion as of late 2025.

Recent Management Transitions

In August 2024, N26's Chief Regulatory Officer Jan Stechele stepped away from his executive duties at the end of the third quarter, amid ongoing efforts to address compliance challenges with German regulator BaFin. This departure followed prior regulatory fines and restrictions imposed on the bank for deficiencies in anti-money laundering reporting. Tensions escalated in mid-2025 when investors urged the replacement of N26's co-CEOs following renewed criticism from BaFin regarding and operational controls. On August 18, 2025, co-founder and co-CEO Stalf announced he would relinquish operational responsibilities as CEO effective September 2025, transitioning to the to focus on strategic oversight. To stabilize leadership, the Supervisory Board appointed Marcus W. Mosen, previously its chairman since October 2022, as co-CEO effective September 1, 2025, alongside the remaining co-CEO and Chief Financial Officer Arnd Schwierholz. Concurrently, former Deutsche Bundesbank executive board member Andreas Dombret was proposed as the new Supervisory Board Chairman to bring regulatory expertise amid the bank's compliance restructuring. These moves were positioned by N26 as enhancements to governance, though analysts noted they reflected broader pressures from persistent regulatory scrutiny and founder-led operational shifts. Further bolstering the executive team, N26 planned to appoint Jochen Klöpper as in December 2025, targeting improvements in risk oversight following a July 2025 leadership change in that function. By late 2025, these transitions aimed to align management more closely with BaFin's requirements for enhanced monitoring and reporting, as the bank sought to lift customer caps imposed since 2021.

Business Model and Operations

Revenue Streams and Financial Metrics

N26 derives its revenue from a diversified model centered on subscription fees for premium personal and business accounts, which provide enhanced features such as higher coverage, cashback, and priority support. Interchange fees from transactions form another core stream, levied on payments processed through N26 accounts. Interest income arises from net interest margins on customer deposits, which fund low-risk lending and investments, supplemented by commissions from partnerships including and services. In fiscal year 2024, N26 achieved revenue of approximately €440 million, reflecting a 40% year-over-year increase from €315 million in 2023, driven by expanded activity and premium uptake. The firm reported its first quarterly operating profit of €2.8 million in Q3 2024, following persistent losses, with positive EBITDA emerging from Q2 onward and monthly profitability targeted for late 2024. This progress coincided with 4.8 million revenue-relevant s by year-end, up from 4.2 million in 2023, alongside transaction volumes exceeding €140 billion. Approximately 30% of revenue stems from subscriptions, underscoring their role in recurring income amid a base where premium adoption hovers around 20-25%. Total assets reached nearly €9 billion by mid-2024, supporting scalable deposit-based funding.

Customer Acquisition and Retention

N26's customer acquisition has predominantly occurred through organic channels, with word-of-mouth referrals driving 73% of new customers in 2024, down slightly from 77% in fiscal 2023, contributing to sustained low acquisition costs. This strategy accelerated following the lifting of a BaFin-imposed customer onboarding cap in June 2024, enabling the company to grow its revenue-relevant customer base from 4.2 million at the end of 2023 to 4.8 million by the end of 2024. Prior to the cap's removal, N26 shifted focus from raw acquisition volume to metrics like revenue per customer, averaging €92, amid regulatory constraints that previously limited onboarding to 50,000 new customers per quarter. The company employs digital-first marketing tactics, leveraging full-funnel advertising on platforms such as Meta (Facebook) to personalize campaigns and scale for broader reach, while emphasizing its for seamless . Targeting primarily young Europeans aged 18-35, N26 positions itself as a tech-savvy alternative to traditional banks, utilizing partnerships for commercial tie-ins rather than community-driven initiatives seen in some competitors. This approach supported rapid early expansion, with customer numbers reaching approximately 10 million registered accounts by late 2024, though revenue-relevant remain the key profitability metric. For retention, N26 emphasizes product-led engagement to boost customer activity and deposits, a strategy that increased retention rates in through expanded offerings like premium subscriptions and specialized features. Investments in , including an AI-powered named integrated with over 600 live agents by 2019, aim to resolve issues proactively and enhance reliability, though the company has faced criticism for service gaps during high-growth periods. tactics, such as tiered premium accounts and tools like budgeting features, further support lifetime value maximization, aligning with broader trends where improved via correlates with reduced churn. Overall, retention efforts have prioritized depth over breadth, with average transaction volumes per customer rising amid a pivot from aggressive expansion to sustainable activity metrics post-regulatory scrutiny.

Organizational Challenges

N26 encountered significant difficulties in scaling its organizational structure during periods of rapid customer growth, leading to strains on internal processes and employee retention. In 2021, the company reported employee turnover rates higher than targeted, attributed to the pressures of hyper-growth in a competitive fintech environment, prompting collaboration with works councils to stabilize the workforce. By April 2023, N26 implemented a 4% headcount reduction, affecting approximately 250 roles, as part of a strategic refocus to prioritize core operations and cost efficiency amid slower expansion. A BaFin special identified deficiencies in N26's systems, processes, and overall organizational framework, exacerbating governance tensions and highlighting gaps in integration across departments. These structural weaknesses were linked to inadequate oversight mechanisms for compliance and operations, which investors cited as barriers to sustainable scaling, particularly in balancing innovation with regulatory demands. To address collaboration challenges in a distributed , N26 introduced a mandatory return-to-office in November 2024, requiring employees to work in-person at least three days per week to foster better team alignment and support revenue scaling goals exceeding €1 billion. Employee feedback from platforms like has underscored ongoing concerns with management communication and work-life balance, reflecting persistent cultural adjustments in transitioning from startup agility to mature banking operations.

Products and Services

Core Digital Banking Features

N26 delivers core exclusively via its mobile application, enabling users to manage accounts, conduct transactions, and access financial insights without physical branches or paperwork. Account opening occurs digitally in minutes through smartphone-based ID verification, including a video and document scan, with immediate issuance of a free virtual for online use. An optional physical Mastercard debit card is available for a one-time €10 delivery fee. For base accounts, the Mastercard debit card provides standard chargeback rights for merchant errors such as non-received goods, but no additional purchase protection, insurance for damages, or warranty extensions. The app provides real-time push notifications for every transaction, displaying balances and activity on the to facilitate instant monitoring and fraud detection. Users can execute SEPA transfers fee-free within , with instant payments via MoneyBeam to other N26 customers in seconds using just a phone number or . Budgeting functionalities include automated transaction categorization, monthly spending statistics visualized in charts, and "Spaces" sub-accounts for allocating funds toward specific goals like savings or bills, supporting up to 10 customizable spaces per account. Integration with digital wallets such as Apple Pay and Google Pay allows contactless payments, while CASH26 enables cash deposits at over 5,000 partner retail locations across supported countries. Card payments worldwide are free with no foreign transaction fees. ATM withdrawals are free for the first two per month in euros within the Eurozone on the N26 Standard account, with additional withdrawals costing €2 each. A 1.7% fee applies to withdrawals in foreign currencies. Global access is provided via the network. Security features embedded in core operations include biometric app login, transaction limits, and customizable card controls like freezing cards remotely.

Premium and Specialized Offerings

N26 offers tiered premium accounts that provide enhanced features over the free Standard account, including physical cards, coverage, cashback rewards, and priority support. The Smart plan, priced at €4.90 per month, includes a physical debit card, up to three free domestic withdrawals monthly, and up to six virtual cards for secure online payments. The mid-tier You (also referred to as Go in some markets), at €9.90 per month, adds comprehensive options through Assistance, such as travel delay and cancellation coverage. The flagship Metal account, costing €16.90 per month under a 12-month commitment, features an 18-gram metal in colors like Charcoal Black, unlimited free withdrawals abroad, 8 free domestic withdrawals monthly, and 1% cashback on non-EEA payments for the first 12 months. Premium tiers emphasize and perks, particularly in Metal, which grants 15 free monthly trades in and ETFs, reduced cryptocurrency fees (1% for and 2% for others on trades up to €5,000 monthly), and flexible Instant Savings accounts yielding ECB-linked interest rates, such as 2% p.a. as of recent offerings. Metal also includes extensive : emergencies, damage up to €2,000, and purchase protection up to €2,500 per claim, alongside access to over 1,300 lounges (one free visit) and eSIM data in 100+ destinations. These plans support up to 10 sub-accounts via N26 Spaces for budgeting, with unique IBANs for each.
PlanMonthly PriceKey Premium Features
Smart€4.90Physical card, 3 free domestic withdrawals/month, 6 virtual cards, basic budgeting tools.
You/Go€9.90All Smart features plus (delay, cancellation).
Metal€16.90 (12-mo commitment)Metal card, unlimited foreign withdrawals, 1% cashback on select payments, full suite, lounge access, 15 free stock/ trades, lower crypto fees, ECB-linked savings.
For specialized offerings, N26 provides business-focused accounts for freelancers and self-employed individuals, ineligible for simultaneous personal accounts. Premium business variants like Metal mirror personal Metal benefits, including a metal card, 0.5% cashback, and tailored , while aiding accounting through automatic transaction categorization. N26 Crypto enables in-app trading of over 350 coins (e.g., , , Solana) via integration, with standard fees of 1.5% for and 2.5% for others; Metal users receive discounts, but trades are limited to app-based holding without transfers or staking options, and users cannot lock cryptocurrencies like ETH to earn staking rewards, yields, passive income, or participate in proof-of-stake mechanisms. These services are available in select EU countries like , , and , emphasizing seamless digital access without separate apps.

Technological Innovations

N26's technological innovations center on its cloud-native architecture, which enables real-time banking operations without traditional legacy systems. Launched in 2013, the platform was designed from inception as a mobile-first digital bank, utilizing and technologies to process transactions instantaneously and scale dynamically. This approach, built on (AWS), allows for automated deployments and , contrasting with monolithic systems in conventional banks. A key innovation lies in the integration of (AI) and (ML) for prevention and . N26 deploys ML models to analyze transaction patterns in real time, flagging anomalies with greater precision than rule-based systems alone; for instance, these systems learn from user behavior to detect unusual spending, reducing false positives. By 2017, the bank incorporated AI-driven profiling during , combining biometric verification with behavioral data to assess customer risk profiles efficiently. Further advancements include an AI-powered assistant, developed using the Rasa framework, which handles approximately 20% of inquiries through for complex, multi-turn conversations. This reduces response times and operational costs while maintaining 24/7 availability. N26's backend also leverages languages like Kotlin and alongside for , supporting features such as sub-accounts (Spaces) with automated budgeting insights derived from ML analytics. These elements collectively underpin the bank's emphasis on seamless, data-driven user experiences.

Pricing and Fees Structure

N26 operates a tiered subscription model for its personal banking accounts, offering four plans with varying monthly fees that unlock escalating benefits, including reduced or eliminated transaction charges. The base Standard plan carries no monthly subscription fee, positioning it as an entry-level option for basic without ongoing costs. The N26 Standard account has no monthly maintenance or opening fees. The virtual Mastercard debit card is free and available immediately for use with mobile wallets such as Google Pay, Samsung Pay, or Apple Pay. The physical Mastercard debit card incurs a one-time €10 delivery fee. Replacement physical cards cost €10 if lost or damaged due to customer responsibility. Card payments are free worldwide with no foreign transaction fees, using the Mastercard exchange rate. ATM withdrawals in the Eurozone are limited to 2 free per month in euros, with additional withdrawals costing €2 each. ATM withdrawals in foreign currencies incur a 1.7% fee. Note that the number of free EUR ATM withdrawals may vary by country of residence or applicable terms and conditions; for example, unlimited free withdrawals in the Eurozone apply in Germany and Austria. Premium tiers—Smart, Go, and Metal—incur fixed monthly charges of €4.90, €9.90, and €16.90, respectively, providing enhanced features such as additional free withdrawals and exemptions from fees on certain transactions. These prices apply across supported countries, with potential regional adjustments detailed in official pricing documents; for instance, Go and Metal plans are unavailable in . A key differentiator in the fee structure is the handling of ATM withdrawals and foreign transactions. All plans feature no foreign exchange markup on cashless card payments abroad, utilizing the real exchange rate without additional surcharges. However, ATM fees vary significantly by plan and currency:
PlanMonthly FeeFree EUR ATM Withdrawals per MonthFee for Additional EUR ATMNon-Euro ATM Withdrawals
Standard€02€2 each1.7% of amount
Smart€4.903€2 each1.7% of amount
Go€9.905€2 eachFree (N26 fee)
Metal€16.908€2 eachFree (N26 fee)
Fees for exceeding free EUR ATM limits or non-EUR withdrawals on lower tiers reflect N26's strategy to incentivize upgrades for frequent users or travelers, though third-party ATM operator charges may still apply independently. Beyond subscriptions and access, N26 maintains a lean fee profile for core operations: SEPA transfers are free, with instant SEPA credit transfers waived after January 8, 2025. Optional services incur targeted charges, such as 1.5% on cash deposits at partner retailers and €10 for physical Mastercard delivery (waived for premium plans) or replacement if customer-responsible. Incoming international transfers attract €12.50 plus 0.1% (capped at €100, free under €150). No fees apply, as N26 does not offer arranged overdrafts on standard accounts, aligning with its digital-only, app-based . This structure emphasizes transparency and cost predictability, though users should consult the latest price list for country-specific variances or updates.

Security and Risk Management

Implemented Security Protocols

N26 utilizes authentication for account access, supporting and facial recognition on compatible devices to verify user identity without storing sensitive data, employing zero-knowledge to prevent and attacks. This Keyless authentication method enables faster logins while maintaining , as no raw information is retained on N26's servers. Multi-factor authentication (MFA) is enforced for logins and transaction approvals, aligning with PSD2 requirements, where users confirm actions via push notifications or app-based codes alongside passwords or . For online purchases, protocols mandate additional verification steps, such as app approval, before authorizing payments to reduce unauthorized transaction risks. Artificial intelligence and models monitor transactions and account activity in real-time, identifying anomalies indicative of or , with cloud-hosted infrastructure supporting these automated defenses. Users can activate customizable controls, including temporary blocks on online payments, withdrawals, or contactless transactions, accessible directly through the app for immediate risk mitigation. As a licensed German , N26 adheres to deposit protection schemes, safeguarding customer funds up to €100,000 per depositor in case of . The company also operates a , inviting external researchers to identify vulnerabilities in exchange for rewards, enhancing proactive through community-sourced improvements.

Compliance with AML Regulations

, operating under German and regulatory frameworks including the Money Laundering Act (Geldwäschegesetz, GwG) and the 's Anti-Money Laundering Directives, has encountered repeated compliance challenges with anti-money laundering (AML) requirements overseen by the (). In May 2021, ordered the to enhance internal safeguards for preventing and terrorist financing, citing deficiencies in risk assessments, customer , and transaction monitoring systems. This followed 's identification of systemic gaps that risked inadequate detection of suspicious activities, prompting mandatory remedial actions such as improved transaction screening and reporting protocols. Subsequent enforcement included a €4.25 million administrative fine in June 2021 for N26's delayed submission of suspicious activity reports () related to transactions flagged in 2019 and 2020, where the failed to meet timely notification deadlines under GwG Section 43. BaFin also imposed a cap limiting new customer to 50,000 per month starting in October 2021, directly tied to unresolved AML control weaknesses that hindered effective verification. These measures reflected BaFin's assessment that N26's rapid expansion as a digital-only had outpaced its compliance infrastructure, leading to vulnerabilities in automated monitoring tools. Issues persisted into 2022, with BaFin fining N26 €9.2 million in May 2024 for systematically late SAR filings—over 25,000 reports submitted beyond the required 30-day window—indicating ongoing failures in automated detection and escalation processes. N26 acknowledged the lapses in a public statement, attributing them to technical overload during high-volume periods, and committed to upgrades including AI-enhanced screening and dedicated compliance teams. An updated BaFin order in March 2023 further mandated refinements to customer risk classifications and ongoing transaction analytics to align with evolving GwG standards. Progress was noted by May 2024, when BaFin lifted the customer growth restriction effective June 1, following audits confirming strengthened AML frameworks, such as integrated analysis for crypto-related risks and real-time . However, in May 2025, BaFin issued another directive requiring N26 to bolster internal security measures and general obligations, underscoring that full remediation remained incomplete amid persistent scrutiny. These recurrent interventions highlight N26's efforts to scale compliance alongside its user base, which exceeded 8 million by 2024, though BaFin's actions emphasize the priority of robust, proactive AML systems over growth in operations.

Notable Security Breaches

In December 2016, security researchers from the University of Erlangen-Nuremberg, led by Vincent Haupert, disclosed multiple vulnerabilities in N26's app that could enable unauthorized account access. These included weak protections against brute-force attacks, unencrypted transfers between the app and servers, and flaws in voice-recognition for newer Apple devices, potentially allowing or man-in-the-middle exploits. By cross-referencing leaked credentials from a dump affecting 68 million accounts, the researchers approximately 33,000 potential N26 user , highlighting risks to the bank's then-200,000 customers across 17 European . N26 confirmed no customer accounts were compromised, attributing the issues to early-stage development, and implemented fixes such as enhanced , , and patches by late December 2016. In autumn 2019, N26 experienced an internal data exposure incident where an unspecified number of employees accessed unencrypted customer account details without . The breach, reported by German outlet Finance Forward, involved sensitive current account information but did not result in confirmed external data leaks or customer financial losses. N26 did not publicly detail the scope or remediation at the time, though it coincided with broader employee concerns over formation and internal governance. This event underscored ongoing challenges in internal access controls for the rapidly scaling , distinct from external hacks or widespread compromises reported in traditional banking sectors. No large-scale customer data breaches involving millions of records or systemic external hacks have been publicly confirmed for N26 as of 2025, unlike incidents at peers such as or . Isolated user reports of unauthorized transactions persist, often linked to or card skimming rather than platform-wide failures, with N26 emphasizing proactive detection investments exceeding €100 million annually by 2022. Regulatory scrutiny has focused more on anti-money laundering compliance than cybersecurity breaches, with BaFin imposing fines totaling over €13 million since 2021 for reporting delays, not direct security lapses.

Controversies and Criticisms

Mass Account Closures and User Impacts

In April 2022, N26 implemented enhanced anti-fraud measures that resulted in the erroneous closure of multiple customer accounts across , affecting more than 100 users whose accounts were terminated on or around without prior notice. The bank attributed these closures to automated risk assessments aimed at combating , including potential breaches of terms and conditions related to suspicious activity or improper usage. However, N26 later acknowledged that some accounts were "wrongly closed" due to errors in the process, issuing a public statement on and committing to refunds, though affected customers reported delays in regaining access to their funds. These closures led to significant user impacts, including temporary inability to access savings, pay bills, or cover living expenses, exacerbating financial distress for those reliant on N26 as their primary banking provider. Customers expressed frustration online, citing withheld balances sometimes exceeding tens of thousands of euros and prolonged resolution times spanning months, often requiring proof of funds or appeals through . In one documented case from late , a user reported N26 refusing to transfer over €60,000 to another account despite instructions, linking the hold to compliance checks. Beyond the 2022 incident, N26's broader account closure practices, driven by regulatory obligations such as anti-money laundering (AML) compliance, have prompted recurring complaints of arbitrary terminations without detailed explanations, citing "internal reasons" or algorithmic flags for unusual patterns like frequent ATM withdrawals. , N26 fully shuttered operations in January 2022, closing all customer accounts and notifying users via email, which forced a mass migration of funds and disrupted services for American clients previously onboarded through partnerships like Axos Bank. Similar issues surfaced in by January 2024, with users locked out of accounts and funds, raising operational concerns amid N26's market-specific . These events highlight tensions between N26's automated compliance tools and reliability, with the maintaining that closures are necessary to mitigate risks under legal mandates, though user reports indicate inconsistent transparency and resolution .

Regulatory Sanctions and Fines

In June 2021, the (BaFin) imposed a fine of €4.25 million on N26 Bank AG for delays in submitting suspicious transaction reports related to potential between 2019 and 2021, citing repeated failures to meet timely filing requirements under German anti-money laundering (AML) regulations. This sanction followed BaFin's identification of systemic deficiencies in N26's AML reporting processes, prompting additional supervisory measures including a cap on new customer onboarding to no more than 50,000 per quarter starting in July 2021. BaFin extended these AML-related restrictions in July 2023 amid ongoing concerns over N26's compliance controls, requiring the bank to enhance its systems before easing limitations. On May 21, 2024, BaFin levied a larger penalty of €9.2 million against N26 for systematic delays in reporting suspected activities during 2022, marking one of the regulator's most substantial fines for such violations and highlighting persistent issues despite prior remediation efforts. N26 acknowledged the lapses in a statement, noting subsequent improvements to its reporting infrastructure implemented from 2022 onward, which contributed to BaFin lifting the customer growth cap effective June 1, 2024. As of early 2025, BaFin continued scrutiny of N26's , flagging new compliance shortcomings that raised questions about the adequacy of internal controls, though no additional fines were publicly announced by 2025. These regulatory actions underscore BaFin's emphasis on robust AML frameworks for digital banks, with N26's repeated penalties reflecting challenges in scaling compliance amid rapid growth.

Internal Labor Disputes

In August 2020, employees at N26's Berlin-based subsidiaries, N26 and N26 Operations , launched efforts to establish a , citing concerns over uneven salary structures, inadequate response to staff feedback, and a toxic working culture. An from organizers highlighted management refusal to address these issues, prompting the push for formal worker representation under German labor law, which grants works councils rights to influence personnel policies and handle grievances. N26 co-founders Valentin Stalf and Maximilian Tayenthal opposed the initiative, emailing staff that a traditional conflicted with the company's agile, international values and would exclude non-German employees. The company secured a to halt organizing meetings and reportedly summoned police to disrupt a gathering at a bar, invoking health regulations. Despite legal challenges, employees voted to form the , which was successfully established by late 2020, marking a rare instance of organized labor pushback in a German startup. Subsequent reports linked the dispute to elevated staff turnover, with an employee exodus noted in 2022 amid ongoing cultural tensions. Separate from the works council conflict, N26 conducted targeted layoffs, including a 10% reduction in its New York workforce in 2021 for operational efficiency, though these did not trigger public union actions or widespread protests.

Strategic Decisions and Market Withdrawals

In response to , N26 discontinued operations in the in February 2020, citing the inability to continue under its European banking license following the UK's departure from the . The move affected more than 200,000 customers, with accounts closed by the end of May 2020, as the bank redirected resources away from a market complicated by new regulatory requirements. N26 announced its withdrawal from the on November 17, 2021, ceasing services for approximately 500,000 customers after January 18, 2022. The decision stemmed from high operational demands in the U.S., including and low brand penetration, prompting a strategic pivot to prioritize its primary European customer base where adoption was stronger. This exit allowed reallocation of investments toward scalable growth in existing markets rather than sustaining underperforming international ventures. Following a brief test phase launched in 2021, N26 ceased operations in on November 6, 2023, with full wind-down by year-end. The retreat aligned with a broader emphasis on cost discipline and focus on mature an operations to stem losses, as non-core markets proved resource-intensive without commensurate returns. These withdrawals formed part of N26's overarching strategy to consolidate in , forgoing rapid global expansion in favor of profitability and . By narrowing geographic scope, the bank enhanced , contributing to its first quarterly profit of €2.8 million in Q3 2024 amid lifted domestic growth restrictions. This approach contrasted earlier aggressive pursuits, reflecting lessons from high costs and adaptation challenges abroad.

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