Mobile Bank N26 is to open its second European office in Barcelona on September 1.

The announcement was made at MoneyConf in Dublin on June 12.

According to N26, Barcelona is recognised as one of Europe’s leading technology and innovation hubs and N26 wants to tap into a large local talent pool as the mobile bank aims for rapid expansion.

By the end of 2019, N26 plans to have a team of 100 engineers and product experts in Barcelona. The Barcelona office will focus on product development and technology and it is currently recruiting.

In January 2018 N26 created a team dedicated to the Spanish market. The bank says the location of its second European office – in addition to its New York HQ and Berlin branch – is a crucial influence on staff retention.

“A new location in Barcelona will help us by reaching more talent and offering more international opportunities for a highly diverse workforce,” said N26 CEO Valentin Stalf.

In March, N26 closed a $160m Series C funding round. In June it reported that it is now processing EUR1 billion in monthly transactions with over 1 million customers.

Valentin Stalf and Maximilian Tayenthal founded the company in 2013 with a plan to minimise costs with a lean organisational structures devoid of IT legacies and branch networks. N26 partners include TransferWise (for foreign exchange), Raisin (savings), Clark and Allianz (insurance) and auxmoney (credit).

N26 operates across 17 European markets with 431 employees. It has raised $215 million from investors such as Allianz X, Tencent Holdings Limited, and Earlybird Venture Capital and has declared an intention to enter the UK and US markets in 2018.

by Darshana Adanwale