N26 offers its users a chance to create a bank account on their phones.
European financial technology start-up N26 has announced its plans to expand in the US.
N26, which offers users a chance to create a bank account on their phones, announced that they are planning to launch in the US around mid-2018.
Speaking to Tech Crunch, the company`s co-founder and CEO Valentin Stalf, said:
“We’ve looked at the products in the U.S. and we figured out that most of the banking products in the U.S. are even worse than in Europe.”
The company has already received a banking license in Europe. More specifically, N26 has reportedly attracted 500,000 customers in 17 countries including France, Portugal, Ireland, Italy, Spain, and the Netherlands.
The features they are currently offering consist of a debit card from MasterCard and a checking account. Customers can send and receive money, as well as make international transactions without any added fees. Also, users have the option to lock their cards and get push notifications for each transaction.
The start-up announced that they will launch the same services in the US by the help of a banking partner. As Stalf commented at the recent Money2020 Conference in Las Vegas, N26 strives to be a role model for the bank of the future. He added that the US is an exciting new market that holds huge promises for N26.
Besides, the company claims they will introduce specific features tailored for American customers. For example, they want to provide a credit card and reinvest some of the interchange revenue into a reward program.
However, N26 is not the only European payments company that plans to expand in the US. London-based start-up Revolut has also said they expect to launch in the US by the first quarter of 2018. The two companies are accepting pre-signups for their services.