The Berlin-based fintech firm offers users a mobile app and a debit card, but doesn’t have a single physical bank branch. It counts itself among a breed of digital banking challengers — Revolut, Monzo, Starling and Atom, just to name a few — that are aiming to eat away at larger lenders’ customer base.
With over 2 million users signed up to the app, N26 hopes to reach 10 million customers globally “within the next couple of years,” Stalf said. The investment announced Thursday will be used to fund the start-up’s international expansion plans.
“The next goal is taking N26 global and transforming it from being a European company into a global company,” Stalf said. “We would like the business to grow to four to six more markets other than the U.S. and Europe.”
N26’s boss said its focus beyond the U.S. and Europe would be on Latin America, and added that he “would not rule out” a launch in Asia further down the line.