During the Money2020 Conference in Las Vegas, the Berlin-based mobile bank N26 just announced plans to enter the US Market. US customers can sign up for the waitlist effective today and will be able to open an account starting mid 2018. The offering for US customers will be similar to the existing bank account currently available in the European market with additional services tailored to the US market. In Europe, N26 reached 500.000 customers across 17 countries in August this year, only 2.5 years after its launch. The exponential growth has been primarily organic and driven by recommendations of N26 customers who value its unparalleled user experience. The expansion into the US market advances N26s position from a pan-European player to a global one.
The fintech startup N26 sees its main customer base as digital natives who enjoy a mobile-first banking product. It combines technology and design in order to create an exceptional user experience. It develops every product as a mobile-first application, as opposed to traditional banks who simply add on a mobile interface to their existing infrastructure.
Valentin Stalf, Founder & CEO of N26, stated: “We believe that N26 is a role model for the bank of the future. Customers around the globe are looking for a new banking experience, as user behavior among millennials has shifted dramatically towards a mobile experience. The US is an exciting new market which offers a huge opportunity for N26. We offer easy-to-use, transparent, and contemporary banking for all customers looking for modern, mobile banking.”
N26 is building the bank that turns peoples cellphones into the once brick-and-mortar bank branches. Simplicity is one of N26’s core values – from the signup process to accessing account statistics, every function is just one tap away. Within the N26 app, cards can be locked and unlocked instantly and customers receive real-time push notifications with every transaction they make. These are just two of the many features N26 customers can use to control their entire financial lives, from anywhere, anytime.
Launching in the US mid 2018, N26 will initially offer a checking account with full use of a card, money transfers, cash withdrawals, and features tailored to the US market, including an attractive customer reward program. In the long-term, N26 plans on building a FinTech hub with more services and becoming the one-stop shop for all its customers financial needs. To comply with the regulatory framework N26 will be using a partner bank to provide its services to US customers.
N26 is Europes first mobile banking pioneer with a full European banking license and is setting new standards in banking. Valentin Stalf and Maximilian Tayethal founded N26 in 2013 and launched the initial product in early 2015. N26 currently operates in Austria, Belgium, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia, Slovenia, and Spain and employs 290 people. The Berlin-based startup has raised more than $55 million from investors including Li Ka-Shings Horizons Ventures, Battery Ventures and Valar Ventures, in addition to members of the Zalando management board, Earlybird Venture Capital and Redalpine Ventures.