German digital bank N26 is set to foray into Latin America market by launching its services in Brazil.

The move is part of the company’s strategy to become a global bank.

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The German lender has appointed Eduardo Prota as general manager for the Brazilian market.

N26 expansion: Details

The company, according to a Reuters report, is planning to open its Brazilian subsidiary next week.

Currently, Prota is hiring a local team to support the operations in the new market.

The company is also planning to collaborate with a local lender to offer new mobile banking services.

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Prota said: “Millions of people in Brazil are suffering from bad banking experiences and high fees. We think that money management should not be a time consuming and frustrating experience.

“N26 has been designed to simplify banking and will empower people in Brazil to take control of their finances.”

N26 sees potential in Brazil as it has the fourth largest internet market in the world with more than 87 million smartphone users.

Last month, N26 raised $300m in a Series D funding round, which valued the company at $2.7bn.

Since its launch in 2015, N26 is said to have processed more than €20bn in transaction volume to date.

Currently, N26 has more than 2.5 million customers across 24 European markets. It aspires to have more than 100 million customers globally in the next few years.