N26 expands to America


She had long announced and struggled with numerous problems, but now the time has come: The Internet Bank N26 expands to America. This is a big step for the Berliners. So far, the more than 3.5 million customers are only represented in 24 European markets. America is the first market the company is targeting outside Europe. Although it is initially only a beta phase – it is said that the product is still being tested and only gradually opened – but this should already be completed in the next quarter.

Franz Nestler

You have to be put on a waiting list and we then unlocked in batches. For the United States as the first destination outside Europe, it was decided because of the great interest from overseas. More than 100,000 people are said to have registered on the N26 website. These are now informed and put on the waiting list.

In order to conquer the market, one will rely on a similar model as at the beginning in Germany. N26 has sought a partner bank with Axos, which takes over the entire process in the background. Whitelabeling is called something like that, in Germany Wirecard was then the N26 partner. "We wanted to go as fast as possible at the start," says N26 founder and CEO Valentin Stalf. But in the United States this is also more widespread than in Europe.

The app for the United States looks at first glance very similar. But the complexity in the background is much higher: There is another privacy environment, the data has to be separated from the ones in Europe, it runs on other servers and you have to work a lot with the local institutes.


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