N26 vs Worldpay: Revenue, Profit and Business Model
N26 had ~$566.8M of annual revenue in FY2025 and ~$1.8M of net income. Worldpay had $4.9B of annual revenue in FY2023.
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.
Worldpay
Worldpay's ownership has changed repeatedly. Vantiv listed on the NYSE in 2012, bought the UK's Worldpay Group in 2018, and was acquired by FIS in 2019 in a deal valued at about $43 billion including debt. FIS later recorded a $17.6 billion goodwill impairment on its merchant business and, in early 2024, sold a 55% stake to GTCR at an enterprise value of about $18.5 billion. Worldpay's revenue was about $4.9 billion in 2023. In April 2025 Global Payments agreed to buy Worldpay for $24.25 billion in cash and stock while selling its Issuer Solutions business to FIS; both transactions closed in January 2026, leaving GTCR with about 15% of Global Payments' equity.
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 |
Worldpay
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | $4.9B | — | — | +2.7% | Source |
| FY2022 | $4.8B | — | — | +6.2% | Source |
| FY2021 | $4.5B | — | — | — | 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.
Worldpay
- Enterprise
Not formally reported
Payment processing and acquiring for large enterprise and e-commerce merchants.
- SMB
Not formally reported
Small and mid-sized business merchants.
- Integrated & Platforms
Not formally reported
Software platforms that embed payments in their own products. Worldpay earns a share of each transaction's value plus per-transaction and service fees.
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.
Worldpay
How it makes money
Worldpay earns fees on payments it processes and acquires for merchants: a share of each transaction's value plus per-transaction and service fees, with interchange and card scheme fees passed through to issuers and networks. Its customers include large enterprise and e-commerce merchants, small and mid-sized businesses, and software platforms that embed payments into their own products.
Growth strategy
Under Global Payments, growth plans center on cross-selling: offering Global Payments' Genius POS to Worldpay's small business clients, and Worldpay's enterprise and e-commerce services to Global Payments' clients, while expanding payments embedded in software platforms.
Competitive advantage
Worldpay's main strengths are scale, a large base of enterprise and e-commerce merchants, acquiring capabilities in many countries and currencies, and distribution through software partners. Combined with Global Payments, it gains Global Payments' SMB products such as the Genius POS system and a wider geographic footprint.
Questions about N26 vs Worldpay
Which company has higher revenue — N26 or Worldpay, Inc.?
N26 had ~$566.8M (FY2025), while Worldpay, Inc. had $4.9B (FY2023). By latest annual revenue, Worldpay, Inc. is the larger business, with N26 showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
How does revenue per employee compare for N26 and Worldpay, Inc.?
N26 has $354k / employee in revenue per employee, while Worldpay, Inc. has $576k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do N26 and Worldpay, Inc. make money?
N26 and Worldpay, Inc. generate revenue in fundamentally different ways. N26: N26 earns money from two roughly equal engines. Worldpay, Inc.: Worldpay earns fees on payments it processes and acquires for merchants: a share of each transaction's value plus per-transaction and service fees, with interchange and card scheme fees passed through to issuers and networks.
Is N26 bigger than Worldpay, Inc.?
By last reported revenue, Worldpay, Inc. ($4.9B (FY2023)) 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 Worldpay overview