N26 Revolut Monzo challenger banks finance fintech UK
N26

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.

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