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German fintech unicorn N26 just had its first profitable quarter

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Ten years after pitching onstage at TechCrunch Disrupt in London, fintech N26 has reported its first ever quarterly (pretax) profit. The challenger bank with millions of customers across Europe generated a net operating income of €2.8 million during the third quarter of 2024 (or $2.9 million at current exchange rates).

This is an important milestone for the startup but also significant news for the fintech industry. Challenger banks like Monzo, N26, Revolut, and Starling used to be some of the most hyped startups in Europe. They raised billions in funding, expanded aggressively, and overspent to reach that next funding round.

Now it’s time to sit down and do the math. Large funding rounds are harder to obtain and investors now often require a clear path to profitability.

Revolut is extremely profitable — $428 million in net profits for 2023 alone — while Monzo just crossed the line with a pretax profit of £15.4 million for 2023 ($19.4 million). N26 is following suit.

For several years, Germany’s financial regulator BaFin imposed a cap on new sign-ups as a sanction to force the startup to improve its anti-money laundering processes. But it lifted the cap earlier this year and that has had a significant impact on the company’s bottom line.

According to N26, more than 200,000 people currently open an account with it every month. Interestingly, N26 stopped sharing the total number of users it has. Instead, the company focuses on its 4.8 million “revenue-relevant” customers.

The influx of new users has led to a 40% revenue increase for the fintech in 2024 compared to 2023. And N26 is on track to generate €440 million in annual revenue this year.

As a reminder, in addition to free accounts, N26 offers paid subscriptions with access to more financial services and features. The company also offers savings accounts, stock, and crypto trading as well as credit products.

Now let’s see if N26 manages to stay in the black as 50% of its 2024 revenue comes from interest revenues from customer deposits and the company’s retail lending activities. With interest rates going down in Europe, that source of revenue will also be more difficult to maintain at a high level.



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YouTube’s new auto-dubbing feature is now available for knowledge-focused content

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YouTube announced on Tuesday that its auto-dubbing feature, which allows creators to generate translated audio tracks for their videos, is now rolling out to hundreds of thousands more channels. 

YouTube first introduced its AI-powered auto-dubbing tool at Vidcon last year, which was only being tested with a limited group of creators. This tool could help make content on the platform more accessible and easier to understand for people all over the world.

The auto-dubbing feature is now available to channels that are focused on informational content, such as videos that teach viewers how to cook or sew. It’ll expand availability to other types of content soon. 

To use the feature, simply upload a video as you normally would. YouTube will automatically detect the language and create dubbed versions in other languages. The tool supports English, French, German, Hindi, Indonesian, Italian, Japanese, Portuguese, and Spanish.

Image Credits:YouTube

YouTube’s auto-dubbing utilizes Google’s Gemini capabilities to replicate human speech. However, the company cautions that the feature may not perform perfectly, as the technology is still in its early stages of development.

“We’re working hard to make it as accurate as possible, but there might be times when the translation isn’t quite right, or the dubbed voice doesn’t accurately represent the original speaker. We really appreciate your patience and feedback as we continue to improve,” the company wrote in Tuesday’s blog post. 

The company also reminded creators that they can look forward to another upcoming update called “Expressive Speech,” which is designed to help replicate the creator’s tone, emotions, and even the ambiance of their surroundings.



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CarDekho SEA raises first-ever outside funding, co-founder says he’s interested in acquisitions

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CarDekho SEA, a Singapore-based auto financing service platform, has raised $60 million in equity, valuing the company at over $300 million, from Navis Capital Partners and Dragon Fund. This is its first round of external funding, following a previous investment of $40 million from its parent company, CarDekho Group.

The company, the Southeast Asia unit of India’s CarDekho Group, will use the funding to support its further expansion into Southeast Asia, focusing on the used car and bike financing industry in Indonesia and the used auto financing sector in the Philippines, Umang Kumar, co-founder and president of CarDekho, said in an interview with TechCrunch.  

Kumar told TechCrunch that acquiring a used car financing platform or insurance brokerage platform in Indonesia and the Philippines could be one of its strategies to increase their presence in the region.

“We do have a couple of assets lined up in terms of what we will look at. You may hear something along those lines within a month or two…we will actively look at acquiring activities. The idea is not completely organically built. So we will look at some inorganic acquisition as we build out our business across Southeast,” Kumar said.

Founded in 2020, the company already has a significant presence in Indonesia (OTO Indonesia) and the Philippines (Carmudi Philippines and Zigwheels Philippines). It’s also in a few other Southeast Asian markets, such as Thailand, Singapore, Malaysia, and Vietnam, and is eyeing expansion into new markets in 2026.

Kumar explained that the company initially had a joint venture partner in Indonesia but later bought out the local partner entirely, becoming the 100% owner of the entity between 2019 and 2020. The company’s acquisition spree continues as it acquired Carmudi, which operates in the Philippines, Indonesia, and Thailand, in 2021 to expand into SEA, Kumar explained.

Unlike its peers, CarDekho SEO acts as a comprehensive aggregator for auto financing services. Its main competitor used to be Moladin, which has now pivoted to become a full-fledged lender.  

CarDekho SEA highlights its edges, including its technology-driven loan procedures, asset-light marketplace approach with no credit risk, an extensive network of used car dealers and agents, and solid collaborations with financial institutions. CarDekho SEA will use AI and machine learning solutions to reduce fraud and credit risks and provide more data to their financing partners to succeed in a changing technological environment.

Since its launch, the company has experienced significant growth, with over 200,000 disbursements and over $1 billion in loans disbursed. This represents a 50x increase in gross merchandise value over the past three years and establishing partnerships with over 50 financiers and 20,000 dealers and retail agents.

Its primary customers are small-scale used car dealers, with many having less than ten cars in stock or no physical showroom at all. “Due to their sub-scale presence, financiers often find it challenging to serve them directly,” the CEO said. “Our platform aggregates demand from these individual dealers, connecting them to a wide network of financiers and offering access to a variety of financial products for themselves and their customers—products that were previously inaccessible to them.”

The company is in the scale-up phase, generating upwards of $50 million in revenue annually through per-loan commissions with the financiers.



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SpaceX Conducts Epic Test Fire Of Starship Booster For Next Flight; Watch

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SpaceX, on December 10, conducted a static fire test of its Starship Super Heavy Booster at the Starbase facility in Texas. The test was part of the preparations for the flight which could happen as soon as January 2025.

Taking to social media, SpaceX shared a video and pictures from the test where the 232-feet-tall Booster stood on the launch mount and its 33 raptor engines were briefly fired.

The next flight will be Starship’s seventh. Flight 6 took place on November 20 and was largely successful. The only point where SpaceX fell short was catching the Super Heavy Booster using the launch tower due to a technical issue.

Reports have hinted that SpaceX will try launching the rocket on January 11, 2025 but an official announcement from the company is yet to be made.

ALSO SEE: Anand Mahindra Mighty Impressed As SpaceX Catches Starship Booster, Asks Elon Musk For A Ticket

SpaceX CEO Elon Musk also hinted that the launch might happen soon as he reposted pictures of the test fire with the caption, “Getting ready for flight 7.”

According to an email sent by NASA to the Federal Aviation Administration (FAA), the agency wants to use its Gulfstream V jet to observe the Starship mission. It will gather data on the rocket’s upper stage’s atmospheric reentry from the sky.

The 400-feet-tall Starship not only matters for SpaceX to ride to Mars but also to NASA, which wants to use it for landing astronauts on the Moon. The agency has paid SpaceX nearly $4 billion to develop rockets that would take humans to the lunar surface in more than five decades. Starship will be used by NASA during Artemis 3, the Moon landing mission that has been pushed to mid-2027.

Musk has previously said that the mega rocket will reach Mars in the next four years and if all goes well with its landing on the red planet, we might soon see astronauts leave for Mars as well.

ALSO SEE: Elon Musk ‘Highly Confident’ About Sending Starships To Mars By 2026

(Image: SpaceX)





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