German digital bank N26 is launching its banking app in the United States.
Starting today in a staged rollout, 100,000 customers registered on the waiting list will be invited to sign up and have full access to the product.
A full public launch of the app will follow later this summer.
“The US launch is a major milestone for N26 to change banking globally and reach more than 50 million customers in the coming years,” said co-founder and CEO, Valentin Stalf, N26.
“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 done for so many people throughout Europe.”
The N26 mobile app and debit card include many features which will allow its US customers to take control of their finances.
The app will be offering real time account activity, automatic categorisation of transaction, daily spending limits and a lock and unlock feature for their cards.
The app will also accommodate travellers as there are no foreign transaction fees when making international purchases.
Additional perks for users will be launched and available over the summer, with its premium Metal tier account offered shortly thereafter.
Since its first initial European product launch in 2015, N26 has reached 2.5 million customers in 24 European markets and has raised more than $500m from investors including Insight Venture Partners and Peter Thiel’s Valar Ventures.
US CEO, Nicholas Kopp, N26 said: “We’re very excited to bring our experience to US 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.”
The US team already consists of over 50 employees.