N26 European Challenger Bank takes to UK market

The wildly popular German fintech opened its online bank in the UK this Thursday.

Founded in 2013 by two Austrians, the Berlin-based startup backed by Chinese giant Tencent distinguishes itself as a challenger bank with ambitious goals which include processing $1 billion annually and reaching +5 million customers by 2020.

N26 – which styles itself as “the first bank you will love” – intends to begin with  current accounts and credit cards, with an upscale after its official launch in November 2018 to include overdrafts, paid-for membership packages, and the requisite mobile payment app.

N26 is currently operating under a European banking licence and intends to offer services in the UK via this, but understands it to be a temporary pre-Brexit solution.  According to the Financial Times, the firm is “working with British regulators to attain the necessary authorisation in a post-Brexit UK and do not expect customers to be affected by any transition”.

UK competitors Monzo and Revolut have not released statements.