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In an attempt to become a “truly global bank’, the bank account that can be managed entirely from a smartphone — N26 — has announced its plan to expand its operation in Brazil, its second international market after the US.
Europe’s most highly valued fintech startup!
Well, having its presence in 24 European countries, N26 has become Europe’s most highly valued non-listed fintech startup, following a $300 million investment in January elevating its valuation to $2.7 billion.
Right now, N26 has raised a total of $512.8M in funding over 6 rounds. Their latest funding was raised on Jan 9, 2019, from a Series D round. The company is originally based out of Berlin.
Eduardo Prota as general manager!
Furthermore, N26 has appointed Eduardo Prota as general manager for the market. Notably, Prota has previously worked for Santander and Cielo as well as various startups.
All you need to know about N26
N26 offers current accounts and facilitates the customers with Debit MasterCard and Maestro card for seamless banking. Besides, overdraft, premium current accounts are also offered to the customers. One can manage the accounts through any device of his choice. Interestingly, the account opening can be initiated via a video chat with N26’s identity verification partner, IDnow.
Operational in 24 European markets
N26 was founded in 2013 by Valentin Stalf and Maximilian Tayenthal. With employee strength of 700, the startup maintains offices in Berlin, Barcelona and New York. It generates revenue from card transactions, interchange fee and subscription model.
Further, a significant share comes from premium accounts, consumer credits and other financial products. Notably, customers hold a total sum of €1 billion in N26 accounts. The digital bank has carried a transaction volume of €20 billion since its instigation.
With this entry, N26 will compete with Nubank, another challenger bank in Brazil. Having said that, it already has 5 million customers and has raised hundreds of millions of dollars earlier as well.
Stay tuned to Silicon Canals for more updates in the tech startup world.