Number26 is the Berlin fintech startup that recently has been licensed to operate as a “bank” throughout Europe. It is the first fintech startup to have achieved such a wide license from the Federal Financial Supervisory Authority (BaFin) and the European Central Bank, after having obtained a first license to operate in Germany last year.
Recently it has also got a new large investment rounds for 40 million dollars along with those previously collected, reaching 50 million dollars. Among its key investors there is also Peter Thiel, one of the founders of Paypal.
N26, recently re-branded this way, has the mission of all fintech startup: reinvent the bank. Indeed, according to one of the founders and CEO, Valentin Stalf, in an interview with TechCrunch, are already working on new products and financial services including insurances. In short, great ambitions, well rounded bank-style, no reason to deal only with digital payments and money transfer
“We will launch an investment product, in the coming weeks and savings, credit and insurance products, are expected to be launched within the next 6 to 12 months. Some of these will be native products of our bank, others will be the result of partnerships”, said Stalf.
N26 focuses its reinventing the bank, on the “mobile-first” concept. An idea that magnetizes solutions and hopes of other European fintech startups, as Atom Bank, and Tandem which have already been authorized to operate in the UK, or Mondo, that is waiting for it. For sure the milestone reached by N26 is groundbreaking, even for the others.
“This banking license is an important step forward for us. It allows us to change, in a sustainable manner the value chain in the banking sector. This will allow us to significantly improve the diversity of our product portfolio. For our customers, this means access to the best financial products, right on the app.”, said Valentin Stalf to VentureBeat.
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