Atom Bank and Tandem in the U.K. both hold a banking license but it looks like Number26 might be paving the way in the Eurozone. Number26 will now build its own back end and produce financing products, such as savings accounts, investment products, credit offerings and more.
This is a big step for the company as Number26 has been a bit limited until now. Without a banking license, the startup could only provide a better user interface. It had to fight with restrictions from Wirecard and integrate other products, such as TransferWise. Now, Number26 can go further. “For our customers, it means that our product will become even more real time,” co-founder and CEO Valentin Stalf told me. “We are already working on different features — one that will launch soon is expense sharing, which will enable customers to share expenses with a simple swipe between friends. It’s similar to splitting a fare in the Uber app.”