Mobile bank N26 announced plans to expand into the US in 2018, representing its first move outside Europe.
In a blog post, the company said its goal is to “bring fresh innovation to the banking industry in the US while creating a better banking experience for customers globally”.
N26 first launched in Germany and Austria in January 2015, and since expanded rapidly. In August the company said it had 500,000 customers across 17 European countries.
The company offers mobile-based bank accounts, operating without branches, and claims to make “it easier to scale and reach customers who might not typically have access to digital financial services”.
In its blog, N26 said it aims to offer a full mobile banking experience in the US, and launch a dedicated bank card for the market.
Customers in the US will also have complete control over their account through their phone, providing features such as changing PIN numbers, setting payment limits, and locking and unlocking payments online. N26 said it also plans to work with a partner bank “to provide a similar range of products and services” to those available in Europe.
In Germany for example, N26 offers customers lines of credit, savings accounts and insurance products.
“We’ve looked at products in the US and we figured out that most of the banking products in the US are even worse than in Europe,” N26 co-founder and CEO Valentin Stalf told TechCrunch in an interview.