Challenger financial institution N26 plans to develop to Brazil

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Fintech startup N26 plans to launch its financial institution service in Brazil in 2019. The corporate introduced the information on stage at MWC in Barcelona.

N26 has already introduced that its subsequent market could be the U.S. sooner or later through the first half of 2019. Brazil ought to launch after that.

Proper now, N26 is on the market in 24 European international locations, together with all the Eurozone, the U.Ok., Denmark, Norway, Poland, and Sweden, Liechtenstein and Iceland.

The corporate reached 2 million clients again in November 2018. N26 says that it now has 2.5 million clients. It has processed €20 billion in transaction quantity since its creation in 2013, and clients at present maintain over €1 billion in N26 accounts.

Eduardo Prota would be the Normal Supervisor for Brazil. He’s labored for Santander, Cielo and numerous startups. N26 will compete with one other challenger financial institution in Brazil, Nubank. The startup already has 5 million clients and has raised lots of of tens of millions of .

N26 additionally just lately raised $300 million at a $2.7 billion valuation. It’s clear that the corporate doesn’t need to cease at Europe. Let’s see if N26 can reproduce the identical success on one other continent.


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