German mobile challenger bank N26 expands to UK
Germany-based mobile challenger bank N26 will enter the UK market in the first half of 2018.
According to N26, the UK is “one of the most advanced markets” in Europe in terms of digital payment methods. It says “non-cash payments and e-commerce are the accepted norm” and reckons there is a demand for a “fully-fledged mobile banking experience”. But then again it would say that.
UK customers can register on the company’s website to get “early access effective immediately”. They will receive a GBP current account with an individual N26 account number, sort code and Mastercard.
The firm says the account opening process is “completely paperless”, and can be done from a smartphone. Within the app, customers can lock and unlock their card with one tap. Customers also receive real-time push notifications with each transaction made with their account.
This latest expansion follows on from last year, when N26 revealed it was taking its business fully across 17 European countries, including Spain, Italy, Greece, Ireland and Slovakia. Until that point, some of those locations were in the “soft launch” phase. Last month, it expanded to the US. N26 said customers will be able to open an account starting mid next year.
N26 also cites its partnerships – such as with TransferWise last year to give its customers exchange rates when transferring money abroad. There was also one with Raisin – to allow N26 customers to save money and choose interest rates from banks across Europe. In addition, the integration of Vaamo into the N26 app allowed customers to invest their money and manage a customised investment portfolio.
The numbers game
Elsewhere, N26 has been busy.
Mambu went on the record about its core banking software project at N26.
While back in March, N26 said its user base grew to more than 300,000 over the last year, tripling in size since the last announcement of 100,000 users in January 2016.