On Thursday, the German N26 digital bank is launching in the United States through a phased extension of the account and debit card.
She said US firm N26 Inc. will begin making its services available to 100,000 customers in the US waiting list over the next few weeks and will be launched later this summer.
The company is one of Europe’s most popular banks that were created over the last few years to compete with traditional banks by offering more usable digital services.
It has accumulated 3.5 million customers in 24 European markets since its initial launch in 2015 and has raised more than $ 500 million from investors, including Peter Thiel’s Insight Venture Partners, Tencent, and Valar Ventures.
The N26 holds a banking license in Europe. In the United States, it is launching a partnership with Sanxon, California-based Axos Bank, a member of the Federal Deposit Insurance Corporation.
In an interview Nicolas Kopp, U.S. CEO, N26 Inc. said, “As a long-term strategy we can see getting a license, but we are not in a hurry.”
Kopp said that the American application will have many of the features that N26 has made known in Europe, such as the ability to create sub-accounts that it calls “space.”
He also added that the Account will not have a claim for minimum balance or monthly payment.
During the summer, the N26 will begin offering two free monthly withdrawals at ATMs nationwide and later present a premium account, the company said.
The N26 launch, which has been around two years in the making, comes less than a month after the British digital bank Monzo began pushing the services out of it.
The N26 will also face the competition of local digital banks, US-based banks and their digital branches, and a growing number of financial technology startups, who have recently started providing banking services./Investing.com