N26, a digital only challenger bank, has expanded its range of consumer loans through a partnership with auxmoney, an online lender serving Continental Europe. As with all other products of N26 customers can access credit with just a few clicks directly on the N26. In the credit request by the customer, the most suitable loan offer is selected, either N26 or via auxmoney.
The expanded credit offerings include amounts from €1,000 to €25,000 with loan maturities of 12 to a maximum of 60 months. Interest rates start from 3.95% depending on the loan term and credit rating.
“We see a strong trend towards platforms with multiple vendors. Currently customers often encounter cumbersome to use and time-consuming inquiries from different banks. Through this partnership, we combine the advantages of a platform with excellent user experience, “says Valentin Stalf, founder and CEO of N26.
The young challenger bank last announced in May it had over 300,000 users having tripled in just three years. Launched in February, consumer credit by N26 credit is primarily aimed at creditworthy workers. By now offering auxmoney, N26 will also include loans for other groups, such as students, freelancers. Since April this year, N26 also offers a checking account for the self-employed.
“The cooperation has ripple effect on the banking world: N26 has expanded and improved with auxmoney the supply of credit to its customers. We have been cooperating with more and more retail banks to improve their own credit supply via auxmoney. Now we are applying this principle with N26 into mobile banking, “said Raffael Johnen, CEO and co-founder of auxmoney.
N26 is a European mobile bank with a European banking license. Banking on N26 is designed to be easy and fast, all via a smartphone. An account may be opened in just eight minutes. Users may send money to friends and others with just a few clicks via email or SMS money. Founded in 2013 by Valentin Stalf and Maximilian Tayenthal, N26 now has 200 employees and is active in the following countries: Belgium, Germany, Estonia, Finland, France, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Austria, Portugal, Slovenia, Slovakia and Spain.