You may wonder what the advantages are to choosing a digital bank over a brick-and-mortar one. N26, the mobile bank from Berlin, presents some compelling reasons, offering free ATM withdrawals, money transfers with no fees, and the lowest currency exchange fees out there. Its app also uses AI to help you track and manage your spending habits.
Founded in 2013, N26 has been growing rapidly, entering into additional European markets. As of today, the mobile bank is available in Denmark, Norway, Poland, and Sweden. Moreover, the launch in Liechtenstein and Iceland is planned for later this year. Initially, customers will be able to choose between the N26 free standard account and the N26 business account. With the expansion to European markets outside the monetary union, N26 is bringing its customers the best user experience and flexibility while traveling abroad and doing business with the eurozone.
N26 customers in Denmark, Norway, Poland, and Sweden can now open a free-of-charge N26 standard account or N26 Business account. The bank accounts are denominated in euros and come with a free debit Mastercard. N26 customers can organize, withdraw and spend money, and control their finances entirely from their smartphone. N26 accounts enable individuals living or working abroad to quickly send money to other bank accounts in the eurozone and to enjoy competitive conditions using their cards while traveling. The N26 Business account is designed for freelancers and self-employed individuals, offering a bank account that travels wherever their business trips take them.
N26 has now expanded its services to 22 European markets. In October N26 announced that it had surpassed 1.5 million users, generating a monthly transaction volume of over €1 billion.
Alexander Weber, Head of International Markets at N26 comments: “Many customers in Europe live an increasingly international lifestyle, travelling and doing business abroad. Since our initial launch we received a lot of requests from N26 enthusiasts outside the eurozone to offer our product in their countries. We listened to this feedback and are excited to provide our banking product to customers in Denmark, Norway, Poland, and Sweden today.”
Besides the N26 standard bank account and N26 Business account, the mobile bank plans to launch the premium products N26 Black and N26 Metal in these new markets. In October 2018 N26 launched its beta product the UK, the first market outside the eurozone. In addition to these latest market entries in Europe, N26 is continuing its global growth strategy with a planned launch in the US in the first half of 2019.
Earlier this year, N26 also opened a big office in sunny Barcelona. To stay up to date regarding tech news, startup events and funding opportunities, make sure to subscribe to our weekly newsletter now!