Nicolas Kopp, US CEO, N26

Nicolas Kopp, CEO, N26 Inc.

German challenger bank N26 has made an official debut in the US market following a two-month beta program. N26 Inc., the US subsidiary of N26 GmbH, made its mobile banking app available to US consumers nationwide, on Thursday.

The bank has reportedly introduced several new features to appease its US customers. It is said to have tied up with some of the known subscription services in the US as a part of its new ‘Perks’ program. Under which, its customers will benefit from up to 10% off on select monthly subscriptions.

The new services will also include the bank’s peer-to-peer payment service named ‘MoneyBeam’, which will enable the users to make instant payments to any N26 account user on their phone list, the bank stated.

The array of services, as the bank claims, will also provide an option to customers to receive their salary up to two days in advance by setting up direct deposit with N26 accounts. It has launched a new sub-account sharing feature titled Shared Spaces, which will allow a user to invite up to 10 other users to create a sub-account for doing group transactions.

According to the bank, customers can also set daily spending limits and lock and unlock their N26 debit cards. The US product is also expected to provide two free withdrawals per month at ATMs nationwide.

“We created a mobile, fast and easy way to the bank,” Nicolas Kopp, US CEO, N26 Inc. remarked, further adding that the bank provides its users a  banking app and Visa debit card that matches their lifestyles.

Since its launch in 2015, N26 has reached more than 3.5 million customers in 24 markets. The app attracts over 10,000 new users every day in Europe. With its success in Europe, it is currently focusing on overseas expansion, first in the US, followed by Brazil.  With a valuation of $ 3.5 billion, the bank has raised more than $670 million from various investors, including US-based firms Insight Venture Partners and Peter Thiel’s Valar Ventures.

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by Sheeba Bhagat Dawar
Market Analyst at IBS Intelligence
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