N26 opens tech hub in Vienna with a focus on security

TechCrunch | 4/23/2019 | Staff
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Fintech startup N26 is opening its fourth office in Vienna. Eventually, the company plans to hire 300 software engineers, product managers and IT specialists.

N26 is building a mobile bank and has managed to attract 2.5 million users over the past few years. It raised a $300 million round back in January.

News - Company - Tech - Hub - Security

This is interesting news as the company says that the new tech hub will focus on security and in particular detecting fraudulent activity. N26 plans to use artificial intelligence to develop a sort of real-time risk scoring system. The company will compare card transactions with your smartphone location as well.

Multiple articles have highlighted a handful of cases of fraud in recent weeks. Customers tried to use N26 for money-laundering purposes. It took some time before N26 reacted and closed those accounts.

Bank - Suffers - Kind - Issues - France

Every bank suffers from this kind of issues. In France, BNP Paribas, Société Générale, Crédit Agricole and Crédit Mutuel have all been fined in the past for instance. But it’s interesting to see how N26 is reacting to those risks.

N26 has experienced tremendous growth, and the startup wants to scale its workforce appropriately so that it’s not short-staffed when faced with those issues. Similarly, it creates challenges when it comes to customer support and average response time.

Company - Interest - Strict - Rules - Activity

It’s in the company’s best interest to follow strict rules when it comes to fraudulent activity — as a company with a banking license, N26 is regularly audited. N26 sent me the following statement a couple of weeks ago regarding audits:

N26, as all licensed banks, is...
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