Digital bank N26 is to open a new technology hub in Vienna to accelerate development of high performance security systems and new product offerings.

The German challenger bank, which launched in the UK in November last year, said it would recruit more than 300 software engineers, product managers and IT specialists in Vienna to work on developing security systems that can detect fraudulent transactions faster through the use of artificial intelligence.

The team will develop N26’s real-time risk scoring capabilities and the verification of card payments based on smartphone geodata.

The new hub, which is set to open in the Autumn, will almost double the headcount of N26’s technology ecosystem, which currently comprises 350 product and tech employees across Berlin, Barcelona and New York.

The team will also drive the development of new product offerings for the company’s more than 2.5 million customers worldwide, including expansions of personalised customer service, peer-to-peer payments and shared accounts for bill splitting.

Valentin Stalf, chief executive and co-founder of N26, said: “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.”

Earlier, this month, N26 became the latest major FinTech challenger to encounter regulatory scrutiny, following reports that German regulator BaFiN had called for reforms at the company.

N26 briefly became Europe’s most valuable FinTech unicorn after closing a $300 million funding round that valued the company at $2.7 billion in January.

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