Home / SmartTech / Challenger Bank N26 wants to expand to Brazil – TechCrunch

Challenger Bank N26 wants to expand to Brazil – TechCrunch

Fintech startup N26 plans to launch its retail banking service soon in Brazil. The company announced the news on stage at MWC in Barcelona.

N26 has already announced that the next market in the US will be in the first half of 2019. Brazil should start after that.

Right N26 is now available in 24 European countries, including all countries of the Eurozone, United Kingdom, Denmark, Norway, Poland and Sweden, Liechtenstein and Iceland.

The company already reached 2 million customers in November 2018. N26 states this now has 2.5 million customers. The company has handled a transaction volume of € 20 billion since its inception in 201

3, and customers currently hold more than € 1 billion in N26 accounts.

Eduardo Prota becomes the general manager for Brazil. He has worked for Santander, Cielo and various startups. N26 will compete with another Challenger bank in Brazil, Nubank. The startup already has 5 million customers and has collected hundreds of millions of dollars.

N26 also recently raised $ 300 million for a $ 2.7 billion valuation. It is clear that the company does not want to stay with Europe. Let's see if N26 on another continent can achieve the same success.

Update: In an earlier version of this post, N26 2019 was launched in Brazil. The company has not specified a clear timeframe. The post has been updated to reflect this.

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