INSUBCONTINENT EXCLUSIVE:
European fintech startup N26 is now accepting customers in the U.S
The company is launching a bank account with a debit card that should provide a better experience compared to traditional retail banks.If
can download a mobile app and create a bank account from their phone in just a few minutes
Every time you make a transaction, you instantly receive a push notification telling you how much money you just paid
about all there is to know
But what about fees? Basic N26 accounts are free
signups over the summer as a sort of beta program
There are currently 100,000 people on the waitlist
N26 will then open signups to everyone later this summer.When N26 rolls out its final product in a couple of months, the company says that
it plans to automatically find and reimburse fees the ATM operators are charging
work on the Visa network instead of Mastercard.Just like Chime, N26 will also try to let you get paid up to two days early if you get paid
Instead of waiting a couple of days to clear those transactions, N26 will go ahead and top up your account.White labelBehind the scenes,
there are a few differences between N26 in Europe and N26 in the U.S
While N26 has a full-fledged banking license in Europe, the company has partnered with Axos Bank, which is acting as a white-label partner
in the U.S.Axos Bank essentially manages your money for you, and N26 acts as the interface between customers and their bank accounts
As a result, you get an FDIC-insured account.N26 first partnered with a third-party company in Europe, as well
The startup got a banking license in Germany that was good for Europe at large
The deals that you get in the U.S
to perks for premium users
Spaces are sub-accounts designed to put money aside
people so that you can save money and spend money together
There are now a thousand people working for N26 in Berlin, 60 employees in New York, 80 people in Barcelona and a small team of five to 10
