N26 lands in the US
N26 is launching its banking app in the US, starting 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. A full public launch will follow later this summer.
“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 done for so many people throughout Europe,” says Valentin Stalf, co-founder and CEO, N26.
N26 already has a strong presence in the market, where it operates via its wholly-owned subsidiary, based in New York. The US team already consists of over 50 employees.
The initial US product includes a N26 account via Axos Bank, a federally regulated and FDIC-insured bank, and a Visa debit card.
Just as in Europe, 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 with a simple swipe in the app.
“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.
Over the summer, N26 will also launch additional perks and Metal, its premium tier account.
N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal. N26 is currently focused on overseas expansion, first in the US, followed by Brazil. N26 has raised more than $500 million from the world’s most established investors, including US-based firms Insight Venture Partners and Peter Thiel’s Valar Ventures.
