Germany-based digital bank N26, which offers a mobile banking platform, is celebrating its one year anniversary in the US with almost 500,000 customers.
As mentioned in a release shared with Crowdfund Insider:
“Since announcing its public US launch in partnership with Axos Bank in August 2019, N26 has released a wide range of localized products and services specifically for its US customer base in an effort to provide an experience that is designed to fit modern lifestyles in today’s complex, challenging and digital-first world.”
Alexander Weber, Chief Growth Officer at N26 said that the digital bank aims to empower people to “live and bank their way” and, during its first year of operations in the US, the Fintech has managed to sign up half a million customers and has helped them become more “financially confident.”
Weber added that the flexibility and security that virtual banking provides is needed now more than ever before, as the US and other countries struggle to cope with COVID-19. According to Weber, the pandemic has fundamentally changed how consumers save their money and conduct transactions.
He further noted:
“Over the past 12 months, we have learned a lot about our US customer base and continue to listen to their feedback to create features and services that meet their needs. We’re excited to introduce additional tailored product features in the coming year and welcome new users to join us in experiencing a beautifully simple banking platform.”
As noted in the release, N26 aims to improve the banking experience for the 21st century with product features that allow consumers to receive their paycheck up to 2 days earlier via direct deposit (certain conditions may apply), cashback offers on their subscriptions, and various partner discounts on education, entertainment, and fashion.
N26 US customers reportedly come from all over the country, with most of them based in New York, Chicago, Houston, Miami and Atlanta. The average age of the N26 US customer is 36. About 35% of customers are in their 20s, around 34% are in their 30s, and about 19% in their 40s.
Nearly 75% of US residents chose a negative phrase when talking about their finances, according to a survey of 10,000 adults living in Europe and the US. The survey had been commissioned by N26. The bank said it aims to help people with their finances and has spent the past year working on various solutions, after obtaining customer feedback.
Some of the features introduced by N26 include contactless payments with support for Apple Pay and Google Pay. The bank also offers easier account funding, the ability to create and manage sub-accounts so that customers can be more organized, and an ATM locator.
Last month, N26 announced a new partnership with Adidas. The bank is also working with TransferWise in order to help consumers in Brazil, Mexico, Singapore, and the Philippines with fast, cheap cross-border payments.
