N26 launches mobile banking in the US
N26 Inc. launched its banking app in the US. N26 Inc. is the US subsidiary of N26 GmbH (“N26”), one of Europe’s mobile banks known for its beautiful design and unparalleled user experience. In a staged rollout, the 100,000 customers on the US waitlist will be invited to sign up and have full access to the product.
“We’re very excited to bring our experience to US customers. In Europe, we’re loved for our effortless and sleek user experience, with no hidden fees. Starting today, you can sign up entirely from your phone in just five minutes. There are no account maintenance fees or minimum balances required.” says Nicolas Kopp, US CEO, N26 Inc. “We will eliminate the frustration of visiting branches, waiting on the phone, and paying fees for basic services that should already be included. We will add even more benefits and features over the summer.”
Since the initial European product launch in 2015, N26 has reached 3.5 million customers in 24 European markets. With a higher than 4.8 rating in the Apple App Store, the app attracts over 10,000 new users every day in Europe primarily through word of mouth. N26 has truly redefined banking in Europe.
The N26 mobile app and debit card include many features that empower customers to take control of their finances. Account activity is displayed in the app in real time, and each transaction is automatically categorised. Customers can also set daily spending limits and lock and unlock their cards, all with a simple swipe in the app. N26 is also ideal for travellers as there are no foreign transaction fees when making purchases internationally.
Each account also comes with Spaces, which are sub-accounts that help people organise and achieve their financial goals. Spaces can be created with a simple click, and users can easily drag and drop money to and from their Spaces.
Between beta now and a full public launch later this summer, people on the waitlist will continuously be invited to get access to the N26 app. Over the summer, we will also launch additional perks and two free withdrawals per month at ATMs nationwide. Shortly thereafter, N26 Inc. will introduce Metal, a premium tier account, to US customers.
“The US launch is a major milestone for N26 to change banking globally and reach more than 50 million customers in the coming years,” says Valentin Stalf, co-founder and CEO, N26. “We know that millions of people around the world and particularly in the US are still paying hidden and exorbitant fees and are frustrated by poor banking experiences. N26 will radically change the way Americans bank as it has for so many people throughout Europe.”
N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal who envisioned the future of banking to be fast, digital, and easy to use for people throughout the world. With its widespread success in Europe, N26 is currently focused on overseas expansion, first in the US, followed by Brazil. N26 has raised more than $500 million (€444 million) from the world’s most established investors, including US-based firms Insight Venture Partners and Peter Thiel’s Valar Ventures. More information can be found here.