Germany-based challenger bank N26 is bringing its services to Denmark, Norway, Poland, and Sweden. This news comes just weeks after the fintech officially launched in the UK. As previously reported, N26 was founded in 2013 and stated it has redesigned banking to make it simple, fast and contemporary. The bank notably operates on a much lower cost base with lean organizational structures, minus green screen IT system and no expensive branch network.
“N26 passes on these cost benefits to its customers. N26 partners with the most innovative fintech and traditional financial companies to offer its customers best-in-class products such as TransferWise (foreign exchange), Raisin (savings), Clark and Allianz (insurance), auxmoney (credit) and others.”
N26 has reportedly received backing from some prominent investors including China’s Tencent and PayPal founder Peter Theil. In total, more than $215 million has been invested in the app based bank with $160 million coming earlier this year. A possible initial public offering is said to be in discussion. Speaking about the latest expansion, Alexander Weber, Head of International Markets of N26, reportedly stated:
“Many customers in Europe live an increasingly international lifestyle, traveling 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.”
N26 recently stated that it is planning to expand not only in Europe, but also in the U.S.
“[we are] 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.”