The Fintech N26 start-up announces a new international expansion. The company plans to launch its UK Future Bank sometime in the first half of 2018.
Since N26 already has a German banking license, the company can also operate in the UK without a separate license. UK customers will receive a GBP account, a debit card and a personal account.
"First of all, let's launch with the same features as the rest of Europe," I told N26 co-founder and CEO Valentin Stalf. "The thing that is going to be different for the UK is that you will have a UK sort code and an account number.And we will also bring all the products we have, including our premium card."
When you create an account, you will receive a MasterCard debit card and a checking account. You can then send and receive money, accept withdrawals, pay anywhere in the world with your card without transaction fees or foreign markup, lock your card, set your own limits and receive notifications. push for each transaction.
The company also plans to launch very quickly savings, investment and credit features. In some cases, N26 will do this internally. In other cases, N26 will associate with another fintech startup. Start-up can rely on existing partners or search for new local partners.
The United Kingdom uses its own payment system. That's why it took a little while to bring N26 to the UK. N26 has developed a complete integration with the UK payment system. In this way, you can replace your usual bank account with an N26 account from the first day.
There are already many competitors in the UK, like Revolut, Monzo, Starling, Atom and Tandem. Some of them do not have a banking license and operate as an electronic wallet with a payment card. Others have a banking license, but that does not necessarily mean that they have already opted for their own infrastructure.
"If you look at our user base, most of our users do not use the map primarily for traveling," Stalf said. "We've never been looking for a niche on the market, it's not just a product for travelers, N26 is a bank that you like to use standing orders for direct debit, credit and credit. 39, savings. "
Last week, N26 also announced plans to launch in the US in 2018. Finally, Stalf says you could imagine opening several N26 accounts in different countries. Each account can have its own account number. This is not just an account with multiple currencies. N26 becomes aggressive when it comes to international expansion.