German digital-only bank N26 has announced plans to foray into US market around mid-2018. This marks the company’s first entry into a non-EU market.
The company has already hired few people who have started working in New York. It will operate as N26 Inc. in the US and will be using a partner bank to provide its services.
The startup offers online-only bank accounts through Android and iOS apps. The US customers will be offered services similar to one the bank offers in the European market with additional services tailored to the US market.
Initially, N26 will offer a checking account with full use of a card, money transfers, cash withdrawals, and features tailored to the US market. It intends to build a FINTECH hub with more services in the long-term.
N26 founder and CEO Valentin Stalf said: “The US is an exciting new market which offers a huge opportunity for N26. We offer easy-to-use, transparent, and contemporary banking for all customers looking for modern, mobile banking.”
Since its launch in Germany and Austria, the bank has attracted 500,000 customers in 17 countries including France, Portugal, Ireland, Italy, Spain, and the Netherlands.