During the Money20/20 Conference in Las Vegas, mobile bank N26 announced plans to enter the U.S. Market by Mid-2018.
The Berlin-based mobile bank N26 has announced a plan to launch its services in the U.S. next year, representing the first non-EU market for the company.
Originally founded as Number 26, N26 was established by Valentin Stalf and Maximilian Tayenthal in 2013. The fintech company provides online-only bank accounts via Android and iOS apps, with an increased focus on quickness and efficiency — a user can open his bank account within eight minutes of applying.
Since its inception, the number of customers has reached 500.000 across 17 European countries. 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, but it will have to increase its processes considerably when the mobile bank finally will be launched in the U.S.
The exponential growth has been primarily organic and driven by recommendations of N26 customers who value its exceptional user experience. The entry into the US market globally will expand N26 banking services.
At the Money20/20 Conference in Las Vegas Valentin Stalf, N26 cofounder and CEO, said that interested customers can sign up to join the waiting list, though they won’t be able to open an account until mid 2018.
“We believe that N26 is a role model for the bank of the future,” said Stalf. “Customers around the globe are looking for a new banking experience, as user behavior among millennials has shifted dramatically towards a mobile experience. The U.S. is an exciting new market which offers a huge opportunity for N26.”
N26 is developing the online mobile bank, turning people’s cellphones into the once brick-and-mortar bank branches. One of N26’s core values is simplicity – from the signup process to accessing account statistics, every function is just one tap away.
With N26 app, customers will be able to lock and unlock instantly their card and receive real-time push notifications with every transaction they make. These are just two of the many functions N26 clients have available to manage their financial operations from anywhere.
The fintech startup N26, emerging in the U.S marketplace, will offer a checking account with full use of a card, money transfers, cash withdrawals, and aspects developed for the US market along with an attractive customer reward program. Although it’s a startup, on a long-term horizon N26 wants to create a unique bank for all customers commercial needs at the internet age. To comply with the regulatory framework N26 will be using a partner bank to provide its services to U.S.-based customers.
Last year, N26 partnered with peer-to–peer money-transfer company TransferWise, giving Number26 customers access to cheap international money transfers.
The Berlin-based startup is the first European mobile bank, which is setting new principles in banking services. The fintech company has raised more than $55 million from some of the best venture capital investors in the world, such as Valar Ventures (Peter Thiel), Earlybird Ventures, Redalpine Venture Partners and Axel Springer Plug and Play.