German digital bank N26 is planning to expand its services in the UK and the US this year, the company CEO Valentin Stalf said in an interview to Reuters.

The digital financial service firm, which offers a variety of mobile banking services, is competing with the conventional brick and mortar banks.

Currently, N26 provides its services across 17 European nations.

Stalf said: “We will enter the British market this year and expect the market there to be of similar importance to us as France.”

The bank is planning to partner with another financial services firm to foray into the US market, where its banking licence is not valid, Reuters reported.

Stalf also said that the company will not venture in the Chinese market where the mobile payments market is already developed.

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With a team of ten employees, N26 is looking to invest $6-12m for this expansion project.

Last month, N26 raised $160m in a round that was led by Allianz X and Tencent Holdings in order to support its growth strategy.

With this funding, N26 has raised a total of $215m.