N26 is a fintech startup that helps to perform banking operations through mobile was co-founded by Valentin Stalf and Maximilian Tayenthal in 2013 as Papayer and later termed as N26 with its headquarters located at European Union region. N26 provides facilities such as International money transfer, Investment, Overdraft, and Cash withdrawal. Apart from these it also offers online banking facilities which include handling and making of current, fixed accounts, and other banking operations which allow customers to manage and control all details related to banking through an application in smartphone easily. Since N26 is establishing as a retail bank right from scratch, It lets its customers to open a new bank account and receive the card within a short span. And can control everything through computer or mobile giving a better experience to the user when compared to other traditional banks.
Funds raised – Series D
Recently in the series D funding round led by a Venture capital firm – Insight venture partners, and other investors such as GIC and Greyhound Capital, N26 has raised huge funding of $300M. With this addition of new fund, the total amount raised by N26 amounts to $512.8M. According to Valentine Stalf, the CEO and co-founder of N26, the newly raised funds will be utilized for expansion of N26 in European region since it’s mainly concentrated in New York, Berlin. and Barcelona as of now.
N26 Financial Services
N26 Spaces allows its users to create multiple sub-accounts under a single login to keep their goals and activities altogether. Basically, spaces are similar to Savings account.
N26 Black gives Comprehensive Insurance for trips on certain purchases based on eligibility and for abroad trips. Means that its users need not be worried while exploring the World. N26 Black MasterCard is nothing but a Debit card, where all the transactions take place in real-time and are debited directly to the customers N26 Bank account, unlike a credit card which delivers a monthly bill.
- Free withdrawals.
N26 does not charge Percentage fees on Foreign currencies and apart from this, it always gives its customers mid-market rate. In other words, Customers get what their money is worth of without any shortage in the name of extra fees.
Advantages of using N26
- Deposit protection
Once a user opens an account in N26, The bank account will be guaranteed with a compensation scheme of German banks which sums to around €100.000.
- Security procedures
N26 has a 3-Tier security procedure that protects customers bank accounts including all transactions. The user can pair the account to only one smart device at a time. the procedure for accessing follows such that login to the account with fingerprint or password and verify all offline and online transactions with the PIN
- Real-time Account Notifications
Customers receive instant notifications after each activity performed and can always be tracked about the flow of money to where and when. There is no grace period to wait for a few days like till the completion of the billing period to know about the transactions.
- Customized Security Settings
Apart from N26 generic settings, the user can customize certain permissions and impose restrictions such as
1. Usage of the card for abroad payments
2. Usage of the card for online payments
3. Can be used whether for cash withdrawal
Apart from these if the user misplaces the card, restriction of all the functions such as blocking and unblocking can be done very easily with just a simple tap. Along with blocking the card, a new card will be dispatched immediately without causing any inconvenience to the customers.
Due to increase in business activities and globalization, there is a huge interdependence in the market. Especially people are expecting more simpler modes of transactions which does not involve much physical access. So Financial startups like N26 have always a large platform to penetrate into the market with its unique features.