Mobile bank N26's losses widen after ramping up spending on fraud controls
The logo of German online bank N26 displayed on a smartphone. Thomas Trutschel | Photothek via Getty Images German mobile bank N26 reported Tuesday a sharp rise in annual revenues as usage of its platform grew, however losses also ticked higher after an increase in spending on regulatory compliance. N26's net revenue increased 67% in the year ending Dec. 31, 2021, to 120.3 million euros ($116.8 million) as the bank benefited from growth in subscriptions, stronger customer engagement and higher interest rates. In 2020, N26 generated 72.1 million euros in revenue. However, the $9 billion startup continued to lose money last year, with its net loss climbing 14% to 172.4 million euros. Of that sum, 28.2 million euros came from losses at N26's non-European Union operations, according to financials released by the company on Tuesday. N26 has been refocusing its resources on core European markets after high-profile exits from the U.S. and U.K. The firm closed down its U.S. operation...