Mobile World Congress: Challenger bank N26 plans Brazil expansion

By Olivia Minnock
Share
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 cust...

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.

SEE ALSO:

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.

 

Share

Featured Articles

Silverfin: How Tech Boosts Accounting Firms' Efficiency

Silverfin COO Cameron Ford shares how cloud-based solutions, data analytics tools and automations can drive efficiencies for accounting firms

Nasdaq & BCG: Bank Complexity Costs Industry $50bn Annually

A joint study by Boston Consulting Group and Nasdaq reveals financial institutions could unlock US$1tn in lending through systems modernisation

Vertice Secures $50m for ProcureTech Innovation

Vertice's Series C funding aims to enhance procurement with innovative tech across global markets

EY Reports Growing Divide in Global Finserv Regulations

Financial Services (FinServ)

CIG Partners with One Inc for Digital Payment Modernisation

Digital Payments

What Trump Memecoin Means for the Future of Crypto

Crypto