N26 vs Remitly: Revenue, Profit and Business Model
N26 had ~$566.8M of annual revenue in FY2025 and ~$1.8M of net income. Remitly had $1.6B of annual revenue in FY2025 and $67.9M of net income.
Latest financial snapshot
Financial summary
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.
Remitly
Revenue grew from $126.6 million in 2019 to $1.635 billion in 2025, and the company swung from a $117.8 million net loss in 2023 to $67.9 million of net income in 2025. FY2025 adjusted EBITDA was about $272 million and free cash flow about $283 million. In Q2 2026 revenue rose 20% to $495.2 million, send volume rose 27% to $23.5 billion, adjusted EBITDA reached a record $114.7 million, and net income of $205.9 million included a $140.6 million discrete tax benefit. Send volume growing faster than revenue points to a declining take rate as Remitly attracts larger, higher-value transfers. Remitly Global, Inc. is a major American digital financial services company specializing in international remittances, commanding a market valuation typically over $3 billion.
Revenue and profit by year
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 |
Remitly
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.6B | $67.9M | 4.2% | +29.4% | Source |
| FY2024 | $1.3B | -$37M | -2.9% | +33.9% | Source |
| FY2023 | $944.3M | -$117.8M | -12.5% | +44.5% | Source |
| FY2022 | $653.6M | -$114M | -17.4% | +42.5% | Source |
| FY2021 | $458.6M | -$38.8M | -8.5% | +78.5% | Source |
| FY2020 | $257M | -$32.6M | -12.7% | +103.0% | Source |
| FY2019 | $126.6M | -$51.4M | -40.6% | — | Source |
Where the revenue comes from
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.
Remitly
- Transaction feesMajor
Upfront fees charged on eligible transfers depending on corridor, speed, funding method, and promotion.
- Foreign-exchange spreadsMajor
Revenue from the difference between exchange rates offered to customers and Remitly's underlying currency cost.
- Related financial servicesEmerging
Ancillary services around migrant finance, business payments, and account-based products.
Business model and strategy
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.
Remitly
How it makes money
Remitly earns most of its revenue on each transfer a customer sends: a transaction fee that varies by corridor, speed and funding method, plus a foreign-exchange spread between the rate Remitly pays for currency and the rate shown to the customer. Costs sit mainly in payout-partner and payment-processing fees, marketing, fraud and transaction losses, compliance and customer support.
Growth strategy
Under CEO Sebastian Gunningham, Remitly is pursuing three paths: adding send and receive corridors, moving upmarket to higher-value senders and small businesses, and broadening into products beyond one-off transfers, including Remitly Flex, a wallet and card, and the Remitly One membership. Management has also credited AI-driven operating efficiencies with funding growth investment while lifting margins.
Competitive advantage
Remitly's edge is corridor-level execution: licenses in many send markets, a payout network covering bank deposit, mobile wallet and cash pickup in a large number of receive countries, and risk models trained on years of remittance data. That combination lets it promise delivery times and keep fraud losses in check, which matters to customers who send money to family on a recurring schedule.
Questions about N26 vs Remitly
Which company has higher revenue — N26 or Remitly Global, Inc.?
N26 had ~$566.8M (FY2025), while Remitly Global, Inc. had $1.6B (FY2025). By latest annual revenue, Remitly Global, Inc. is the larger business, with N26 showing a smaller revenue base.
What is the market cap of N26 vs Remitly Global, Inc.?
Remitly Global, Inc. has a market capitalisation of $4.5B. A public market cap figure for N26 was not available (it may be privately held).
How does revenue per employee compare for N26 and Remitly Global, Inc.?
N26 has $354k / employee in revenue per employee, while Remitly Global, Inc. has $454k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do N26 and Remitly Global, Inc. make money?
N26 and Remitly Global, Inc. generate revenue in fundamentally different ways. N26: N26 earns money from two roughly equal engines. Remitly Global, Inc.: Remitly earns most of its revenue on each transfer a customer sends: a transaction fee that varies by corridor, speed and funding method, plus a foreign-exchange spread between the rate Remitly pays for currency and the rate shown to the customer.
Is N26 bigger than Remitly Global, Inc.?
By last reported revenue, Remitly Global, Inc. ($1.6B (FY2025)) is the larger company compared to N26 (~$566.8M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
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 N26 vs Remitly overview