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European Direct Bank N26 Intends to Expand in U.S. by Middle of 2018

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Published on : Oct 24, 2017

Retail banking is headed for exciting times, heralded by several innovative product launches taking place in the mobile banking market in developed regions in recent years. N26, a mobile bank based in Berlin, Germany, recently announced at the Money20/20 conference, held October 22–25, 2017, that in the coming year it is planning to expand its presence outside Europe in the U.S. The financial technology startup N26, is fast gaining stronghold across Europe and the company plans to launch similar products in the U.S. to consolidate its presence.

N26 Products Gaining Prominence in Europe

The startup, keen on creating a prominent space in developed markets, has already started by hiring some technical expertise in New York. The company has decided to begin with a banking partner to hasten its product launches in all states of the U.S. N26 has already bagged its own banking license and has over 500,000 customers to date. Bereft of any foreign transaction fee or markup, the company offers its customers the convenience in make seamless transactions—send and receive money—around the world. The opening of the account and getting a master card for customers is really fast and easy, stated the startup.

U.S. Financial Technology Market to Offer Lucrative Avenues

N26, apart from launching its notable products, will design some custom-made products meeting specific requirements of the U.S. customers. The company for now will focus on user-facing functionalities, while a third-party bank will take care of the money management. As the interchange fee is significantly higher in the U.S., the company hopes to see promising opportunities here. The mobile banking startup will also offer the functionalities characteristic of traditional banking, such as providing credit card and offering reward points in the foreseeable future.

In Germany, the company has already partnered with various other financial technology startup to launch a products with a vast assortment of features, including offering credits, savings accounts, and insurance products. With similar features, the company hopes to launch products in a move to gain a foothold in the U.S. as well.