Through a staged rollout in which 100,000 customers on the U.S. will be invited to sign up and have full access to its product, N26 Inc. is launching its banking app in the United States. The company is a U.S. subsidiary of N26 GmbH, which was described in an announcement as one of the fastest growing mobile banks in Europe.
N26 Inc. U.S. CEO Nicolas Kopp said in the announcement, “We’re very excited to bring our experience to U,S. customers. In Europe, we’re loved for our effortless and sleek user experience, with no hidden fees. Starting today, you can sign up entirely from your phone in just five minutes. There are no account maintenance fees or minimum balances required.”
Customers on the waitlist will continuously be invited to get access to the N26 app between a beta now and a full public launch later this summer. The company plans to also roll out additional perks as well as two free withdrawals monthly at automated teller machines (ATMs) across the country. N26 Inc. also looks to debut Metal — a premium tier account — to U.S. customers “shortly thereafter.” And, according to the announcement, N26 partners with Axos Bank to offer a Visa debit card and FDIC-insured checking account.
N26 has reportedly reached 3.5 million customers in 24 markets in Europe. Its mobile app and debit card come with many features that the company says “empower customers to take control of their finances.” Account activity is displayed in the app in real time and every transaction is categorized automatically. At the same time, customers can lock as well as unlock their cards and set daily spending limits. The company also says it is “ideal for travelers” as there aren’t any foreign transaction fees when it comes to making purchases internationally.
Valentin Stalf and Maximilian Tayenthal started N26 in 2013. C-Founder Stalf, who is the CEO of N26, said in the announcement, “The U.S. launch is a major milestone for N26 to change banking globally and reach more than 50 million customers in the coming years.” Stalf continued, “We know that millions of people around the world and particularly in the US are still paying hidden and exorbitant fees and are frustrated by poor banking experiences. N26 will radically change the way Americans bank as it has for so many people throughout Europe.”