N26, a German digital-only bank, has announced plans to expand into the UK market in early 2018.
“The UK is one of the most advanced markets in Europe in terms of digital payment methods. Non-cash payments and e-commerce are the accepted norm. These advancements in technology have fuelled strong demand for a fully fledged mobile banking experience,” the bank stated.
Customers in the UK will gain access to a GBP current account with an individual N26 account number, along with sort code and Mastercard.
The account opening process through the app will be paperless, and customers will be able to avail services such as locking or unlocking card with one tap and getting real-time push notifications.
N26 founder and CEO Valentin Stalf said: “We believe the UK population will discover N26 as the first bank they’ll love to use. Offering the best financial products to our customers with the best user experience is our top priority and the key to our success.”
The bank currently operates in 17 countries, namely Germany, Austria, Belgium, Estonia, Finland, France, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia, Slovenia, and Spain. The firm currently has a customer base of 500,000 and employs over 300 staff. Earlier this year, N26 unveiled plans to foray into the US market.