N26’s head of Europe, Sarunas Legeckas

BoI and AIB beware: With a lean model and a €3.5bn valuation, N26 wants to dominate consumer banking in Ireland

Challenger banks like N26 have quietly established themselves on the home screens of over one million Irish customers. Can they turn into full-service banks faster than banks can match their technology?

10th Jun, 2020 - 11 min read

It can be hard to explain the appeal of challenger banks like N26, Revolut or Starling.

Superficially, they’re pretty close to the incumbent banks. Lining up their features alongside one another, there’s not a lot between them.

What they all do have is a je ne sais quoi. The apps are pleasant to use. They’re fast and well organised and smooth as butter.

When it comes down to it a normal debit card does the same stuff. But the incumbent banks’ cards have hidden fees, and their apps are slow and frustrating. There are four passwords to remember. The challenger banks’ apps feel like the latest iPhone, compared to an old version...

© 2020 Currency Media Limited