N26 is opening a technology and innovation centre in Vienna that will focus on using AI to detect fraudulent transactions – which have reportedly been a problem for the digital bank, prompting a probe by German regulators.
The issue was probed by watchdog Bafin, which allegedly uncovered numerous shortcomings in staffing, outsourced task management and engineering.
Now, Berlin headquartered N26 says it will hire software engineers, product managers and IT specialists for its new Vienna centre, which will open in the autumn with a focus on developing AI-based systems for detecting fraudulent transactions.
Recruiting is starting immediately and N26 says that it wants to employ 100 people at the site in the medium term and 300 in the long term. Currently the firm employs around 350 product and tech people in Berlin, Barcelona and New York.
The team will develop N26’s real-time risk scoring capabilities and the verification of card payments based on customers’ smartphone geodata, says a statement.
Valentin Stalf, CEO, N26, says: “With our new location in Vienna, we are investing in our strength as a technology leader and sharpening our profile as one of the most attractive employers in the European tech sector.”