15:49 | 18 October 2021
N26 is one of the financial startups that are successfully transforming banking. The bank does not have a single branch, and a resident of the European Union only needs to download the app and verify documents to open an account. The app brings together the most popular functions, including account management, budgeting, and instant transfers. In addition, clients are offered favorable currency conversion for payments around the world.
N26 launched in Europe in 2015 and now offers its services in 24 countries of the continent. During the last year, the bank’s customer base tripled to 2.3 million people.
The main task for this year is to launch in the United States. There N26 signed an agreement with an unnamed bank and intends to offer its services in the first half of 2019. The Revolut executives had previously mentioned the same terms.
CNBC points out that the $2.7 billion valuation makes the bank not only Europe’s most expensive fintech startup, but also one of the most expensive in principle. Of those European companies that have not yet gone public, only six can compete with it: Global Switch, Roivant Sciences, Auto1 Group, Ottobock, The Hut Group and BGL Group.
Bank founder Valentin Stalf in an interview with CNBC said that within a couple of years N26 will serve more than 10 million customers. And after the U.S. it intends to offer its services in Latin America, and then in Asia. The $300 million received from investors will help bring these ambitions to life.
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