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In the current technologically advanced era, opening a bank account is as simple as just making a few swipes on your smartphone. Eventually, banks and other fintech startups are coming up with many new ways to make this possible. Berlin-based N26 is one such company that lets users manage their bank account entirely from a smartphone.
In a recent development, N26 has announced that it serves 3.5 million customers across 24 European markets. Well, the bank is now processing 16 million transactions per month, which averages at 400 transactions per minute. And, the transaction volume is touted to be over €2 billion per month.
The German fintech startup has managed to achieve this feat as it focuses on delivering efficient customer services. It also indicates that retail banking is witnessing a transformation unlike never before.
Eyes to expand to the US
N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal. While its headquarters is located in Berlin, the banking service is also present in Vienna and Barcelona, New York and Sao Paulo. Furthermore, the German fintech startup is eying to expand its presence in the US in the coming weeks.
“Our US launch marks the next logical step for N26 to become a global bank, as many more people around the world are looking for a simple and hassle-free banking experience,” said N26 co-founder Maximilian Tayenthal. “Already today we are one of the most valuable and well-funded fintechs in Europe and we will continue building a global banking player made in Europe.”
Recommendations contribute to its popularity
The banking service lets customers open a bank account right from their phone and also send money to their family and friends in real-time. Also, the customers of this fintech service can access the latest mobile payment solutions and pay to any across the world without exchange charges. Nearly 50% of customers join the service via recommendations from existing customers.
Seamless banking services at your fingertips
N26 facilitates current accounts and lets customers with Maestro card and Debit MasterCard enjoy seamless banking services. It offers premium current accounts and overdraft accounts for customers. Besides the ability to access banking services from any device, it is possible to open an account via a video chat with IDnow, the identity verification partner of N26. Basically, N26 fulfills the needs of customers with its simple and transparent banking experience.
World’s most established investors on board
This fintech startup has raised €466 million till date from the world’s most established investors such as Insight Ventures, GIC, Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Redalpine Ventures and Greyhound Capital.
How about competition?
Earlier this year, the mobile banking service was launched in Brazil. With this entry, it will compete against the likes of a challenger already existing in the country – Nubank.
Stay tuned to Silicon Canals for more updates in the tech startup world.