N26 Moves into the American Market
The company offers digital bank accounts with no fees and is fully controllable through the app, which appeals to digital natives.
German fintech N26 has launched it's international banking services in the USA. It comes hot on the heels of Monzo, the British company that started trading in the American market in June of this year.
The company offers digital bank accounts with no fees for purchases or cash withdrawals whilst at home or overseas. An N26 account is fully controllable through the app, rather than call centres or branch networks, appealing to digital natives with no fear of having their money online.
To gain a foothold in the American market, N26 have partnered with Axos Bank, granting full licensing across all 50 states in one fell swoop. The German company see the potential of up to 50million customers in the USA, having established a customer base of around 3.5million customers across 24 countries.
"we know that millinos of people around the world, particularly in the US, are still paying hidden and exorbitent fees and are frustrated by poor banking experiences." said Valentin Stalf, N26's CEO and co-founder. He continued, "N26 will radically cahnge the way Americans bank, as it has done for so many people throughout Europe."