AltFi takes a look at how the digital banks are hiring as many of the top names have all raised...
European fintech firms of all stripes are preparing for the worst case scenario when it comes to Brexit; “Unfortunately no one...
German Digital bank N26 has raised $160mn to fund their U.S expansion plans; Tencent and Allianz were lead investors in the round and it could set the stage for a future IPO according to N26 co-founder and CEO Valentin Stalf; “It's a good round to be as independent as possible,” Stalf said to TechCrunch. “This funding round really brings N26 to a pre-IPO stage. I think we see a clear path to a very sustainable company with this funding round. Maybe in the next five years there will be an IPO.”; the bank currently has eight staff members in NY and customers have been signing up on the waiting list since October 2017. Source.
The partnership will allow N26 to offer consumer credit in France; N26 currently has similar features built out in other European markets where users answer a few questions within the app; the app then provides a quote that allows users to adjust the term of the loan or the payback amount; users will not be required to signup through Younited Credit as everything is managed through an API. Source
N26 has partnered with Auxmoney to offer consumer loans; the partnership will open the loan offering to the digital bank's over 300,000 customers, providing options for self-employed, freelancers and students; loans will range from EUR1,000 ($1,181) to EUR25,000 ($29,527) with terms ranging from 12 to 60 months and annual interest rates beginning at 3.95%. Source
The German digital bank is opting to go after an international audience before going wide into their product offerings; the...
European based digital bank N26 has raised a new series D round of $300mn at a valuation of $2.7bn; Insight...
Digital banks have been presenting themselves as a more transparent fairer option than the traditional players; what these newcomers are finding is to scale and reach profitability they will need to figure out a way to lend that doesn’t strike the same tone as customers get from their typical bank; Tandem, Monzo, Starling Bank, Revolut and N26 have all started to roll out lending options in a variety of ways by using a tailored data driven approach; figuring out where the balance lies is the key piece if these banks are truly going to disrupt the banking system. Source.
N26 Founder and CEO Valentin Stalf told the Money 20/20 audience they plan to launch in the US by mid 2018; “We’ve looked at the products in the U.S. and we figured out that most of the banking products in the U.S. are even worse than in Europe,” Stalk told TechCrunch; their plans are to launch a debit card with a checking account and use a bank partner, similar to what they have done in Europe. Source.
European digital bank N26 has increased its customer base by 200,000 users in just 14 months as digital bank solutions become increasingly more popular in Europe; the company has also reported a new transactions milestone of 3 billion euros ($3.1 billion); the Berlin-based company is targeting tech savvy millennials and has introduced a number of competitive features to attract new customers including a lending product that allows for mobile loans up to 25,000 euros ($26,556); the business has raised over $55 million in capital and is planning to expand to Britain in 2017. Source