Fintech startup N26 has announced it will expand into the Latin America market: first stop, Brazil.

N26, a German challenger bank which has 2.5mn customers and provides retail banking solutions, announced the expansion plans at MWC 2019 in Barcelona this week.

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N26 is currently available in 24 countries across Europe, and will look to open up a subsidiary in Brazil this week. However, no timeline has been given as to when its services will be made available for the new market.

Eduardo Prots, head of the company’s Brazil business, said that the company will seek to form a partnership with a local bank, which is how it went about its European expansion.

N26 has a current valuation of $2.7bn. Since its foundation in 2013, the company has processed around €20bn worth of transactions, and customers currently hold more than €1bn in N26 accounts.