European Digital Bank N26 to Cease Operations in Brazil

 

European digital bank N26 has recently announced the decision “to discontinue its test phase in Brazil and wind down its operations in the market.”

The decision underscores N26’s strategy to “focus on its core European markets as it further strengthens its position as Europe’s leading digital bank.”

Early versions of the Brazilian N26 product were “tested with select customers in Brazil via a waiting list from November 2021 onwards but were never launched to the general public. Following this, N26 will close all accounts in Brazil within the next two months.”

Brazil-based employees will have the opportunity “to apply for open positions in N26’s European offices to support N26’s European business in the future.”

As covered, N26 AG claims that it is Europe’s leading digital bank “with a full German banking license. Built on the latest technology, N26’s mobile banking experience makes managing money easier, more secure, and customer friendly.”

To date, it has welcomed “more than 8 million customers in 24 markets and processes over 100bn EUR in transactions a year.”

N26 is headquartered in Berlin “with offices in multiple cities across Europe, including Vienna and Barcelona, and a 1,500-strong team of more than 80 nationalities.”

Founded by Valentin Stalf and Maximilian Tayenthal in 2013, N26 has “raised close to US$ 1.8 billion from some of the world’s most renowned investors.”

As reported, N26 has launched its new full-funnel, multi-channel global brand campaign, ‘This is how I bank’.

The campaign showcases how N26’s innovative and customer-centric approach “to banking gives everyone the confidence and freedom to bank where, when, and exactly how they want to.”

Based on the insight that the banking industry is often out of step with customer needs, ‘This is how I bank’ tells the story “from the customer’s perspective, showing how N26 offers smart, digital banking tools that give them full control over their finances on their own terms.”

In the campaign’s 30-second hero film, viewers “enter a stylish world of seamless and stress-free banking.” Every scene is accompanied by “a rhyming voice-over in which the film’s diverse cast of characters explain how they manage their money with confidence. In one scene, for example, we see how a customer can instantly lock and unlock their bank card in the N26 mobile app, while another demonstrates the ease of making instant payments to other N26 customers.”


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