European FinTech N26 Launches Banking Features in the U.S.
N26 app and debit card

European FinTech N26 Launches Banking Features in the U.S.

Believe it or not, FinTech isn’t just a Silicon Valley or even American phenomenon. In reality the world market is filled with startups looking to improve the financial lives of customers in their home countries and beyond. Now, as TechCrunch reports, one such overseas startup — Europe’s N26 — is opening its banking features up to those stateside.

In terms of what N26’s U.S. accounts will offer, they’re pretty much in line with other online and FinTech banking services. Users can open accounts via N26’s mobile app and also use the application to manage the debit card they’ll receive. The account also waives many of the fees that bigger banks charge such as minimum balance fees, monthly maintenance fees, and foreign transaction fees. Plus account holders are currently entitled to two free ATM withdrawals per month and can receive payroll direct deposits up to two days faster than with traditional banks.

Notably the U.S. version of N26 will bear a few differences from how the company operates in Europe. The biggest difference is that the FinTech actually has a Germany-based banking license to operate in its home continent. In the US, the company is partnering Axos Bank. Speaking to that relationship, N26 co-founder and CEO Valentin Stalf told TechCrunch, “We looked at 30 players, we did some due diligence and we’re happy to partner with Axos Bank. The deals that you get in the U.S. for white-label banks are much more favorable than in Europe.” He later added, “It’s a setup for the longer term. It’s good for a couple million customers.” Also interesting is that the U.S. debit cards will operate on the Visa network while their European counterparts use the Mastercard network.

Right now N26 is in the process of rolling out the U.S. product to a waitlist of 100,000. However, while that backlog will be worked through in the coming weeks and months, the company says they’re planning additional features for the future. This includes two premium account options: N26 Metal and then N26 Black. Additionally they plan to introduce a feature called Spaces that will act as sub-accounts, allowing users to save for specific goals. Moreover the company intends to allow for shared Spaces where groups of users can save and spend together.

With more 3.5 million customers in Europe and over half a billion in funding raised, it’s clear that N26 is hoping to make a splash in the U.S. FinTech market as well. Given their sizeable waiting list here already, it seems they’re well on their way toward success. It will definitely be interesting to not only see how this particular company performs in the American market but also see how many other international startups begin expanding beyond borders.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...