Deel vs N26: Revenue, Profit and Business Model
A full-year revenue figure is unavailable here for Deel. N26 had ~$566.8M of annual revenue in FY2025 and ~$1.8M of net income.
Latest financial snapshot
Financial summary
Deel
Deel is private and does not publish audited financials, but it discloses ARR milestones. ARR rose from about $57 million at the end of 2021 to $295 million at the end of 2022 (TechCrunch), $800 million by December 2024, more than $1 billion by June 2025, and more than $1.5 billion in the first half of 2026. Deel says it recorded its first $100 million revenue month in September 2025 and describes itself as profitable, without disclosing margins. Funding includes a $425 million Series D at $5.5 billion (October 2021), a $12 billion valuation in May 2022, a $12.6 billion secondary sale in early 2025, and a $300 million Series E at $17.3 billion (October 2025) led by Ribbit Capital with Andreessen Horowitz and Coatue. In November 2025 it hired former Intuit executive Joe Kauffman as CFO, a move widely read as IPO preparation.
N26
N26 burned through heavy losses for most of its first decade, with cumulative losses of roughly $1.13 billion (€1 billion) through 2024 as the BaFin growth cap coincided with the ECB rate-hike cycle. The turn came in 2024, when it posted its first quarterly profit in Q3, and 2025 delivered the first full-year profit: revenue rose 13% to ~$567 million (€501.6 million), gross profit rose 33% to ~$396 million (€350.5 million) and net income swung from a ~$47.5 million (€42.0 million) loss to a ~$1.81 million (€1.6 million) profit. Preliminary Q1 2026 figures showed ~$147 million (€130.0 million) in revenue and ~$11.1 million (€9.8 million) in net income, and management expects to stay profitable in 2026. N26 GmbH is a massive German digital challenger bank operating across Europe, commanding a private market valuation of approximately $9 billion.
Revenue and profit by year
Deel
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 run-rate | $1.5B | — | — | — | Source |
| FY2025 run-rate | $1B | — | — | — | Source |
| FY2024 run-rate | $800M | — | — | — | Source |
| FY2022 run-rate | $295M | — | — | — | Source |
| FY2021 run-rate | $57M | — | — | — | Source |
N26
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$566.8M | ~$1.8M | 0.3% | +12.6% | Source |
| FY2024 | ~$503.3M | ~-$47.5M | -9.4% | +42.1% | Source |
| FY2023 | ~$354.3M | ~-$115.7M | -32.7% | — | Source |
Where the revenue comes from
Deel
- Employer of Record (EOR) fees
Not disclosed
Monthly per-employee fees (list price from $599) for employing staff abroad through Deel's local entities.
- Contractor management subscriptions
Not disclosed
Monthly per-contractor fees (from $49) for contracts, compliance, and payouts; Deel Shield is priced on top.
- Global Payroll and HR modules
Not disclosed
Per-employee fees for payroll on clients' own entities, plus paid HR, immigration, and PEO services.
- Deel IT, payouts, and FX
Not disclosed
Equipment provisioning fees and income from currency conversion and worker payout products such as the Deel Card.
N26
- Net fee and commission income
53% of gross profit (2025)
Mostly premium subscriptions (Smart, Go and Metal) and card interchange on ~$193 billion (€170.7 billion) of transaction volume. ~$208 million (€184.2 million).
- Net interest income
47% of gross profit (2025)
Interest on deposits placed with central banks and treasury assets, plus overdrafts and consumer loans. Up 49% to ~$188 million (€166.3 million).
- Investing products
Not formally reported
Trading fees on stocks, ETFs and crypto.
Business model and strategy
Deel
How it makes money
Deel sells recurring, per-worker services. When a company wants to hire someone in a country where it has no legal entity, Deel's local entity becomes the Employer of Record: it signs the employment contract, runs payroll, withholds taxes, and provides statutory benefits, while the client directs the work and pays Deel one invoice.
Growth strategy
Deel is expanding from international hiring into running payroll and HR for a company's whole workforce. Levers include Global Payroll for clients' own entities (strengthened by buying Safeguard Global's enterprise payroll business in March 2025), domestic US payroll and PEO services, a free HRIS that pulls in small and mid-size companies, and acquisitions;
Competitive advantage
Deel's advantage is owned coverage plus product breadth. It operates its own entities and payroll capability in most of the countries it serves, so it can onboard workers quickly and control compliance instead of relaying work to local partners.
N26
How it makes money
N26 earns money from two roughly equal engines. Net fee and commission income, mostly premium subscriptions (Smart, Go and Metal tiers) and card interchange on ~$193 billion (€170.7 billion) of 2025 transaction volume, reached ~$208 million (€184.2 million), or 53% of 2025 gross profit.
Growth strategy
After leaving the UK in 2020 and the US in early 2022, N26 concentrates on continental Europe, with Germany, France, Spain and Italy as core markets. Growth now comes from converting free users into primary-bank and paying customers, cross-selling savings, investing and credit, and scaling efficiently so that revenue growth turns into profit.
Competitive advantage
N26 pairs a full German banking license with a product built only for the phone. Holding its own license since 2016 lets it take deposits covered by German statutory deposit protection up to €100,000, lend through overdrafts and consumer credit, and passport services across 24 markets without a sponsor bank.
Questions about Deel vs N26
Which company has higher revenue — Deel, Inc. or N26?
N26 had ~$566.8M (FY2025). A comparable annual revenue figure for Deel, Inc. was unavailable here.
How does revenue per employee compare for Deel, Inc. and N26?
N26 generates $354k / employee in revenue per employee. A comparable figure for Deel, Inc. requires matching employee and revenue data from the same reporting period.
How do Deel, Inc. and N26 make money?
Deel, Inc. and N26 generate revenue in fundamentally different ways. Deel, Inc.: Deel sells recurring, per-worker services. N26: N26 earns money from two roughly equal engines.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Deel vs N26 overview