The European mobile banking startup with more than $500m in funding from big-name backers including Peter Thiel’s Valar Ventures and Tencent, is finally launching in the U.S.
The German company first revealed plans to expand to the U.S. in 2017, a rollout that was initially mooted for 2018 before being pushed back to 2019. This week, N26 kicked off the first phase of its beta launch, starting with the 100k customers who signed up for the U.S. waiting list. N26 has been gradually expanding into new markets following its debut in Germany and Austria in 2015, and it now serves 3.5 million customers across Europe. The U.S. is its first market outside of Europe, while it plans to launch the service in Brazil shortly too. “The U.S. launch is a major milestone for N26 to change banking globally and reach more than 50 million customers in the coming years,” added N26 cofounder and CEO Valentin Stalf. “We know that millions of people around the world and particularly in the U.S. are still paying hidden and exorbitant fees and are frustrated by poor banking experiences. N26 will radically change the way Americans bank as it has for so many people throughout Europe.”