Neo-bank N26 launches in the UK

The bank is now in beta mode and will be rolled out in phases.

A waiting list of some 50,000 UK customers will soon be getting their hands on app bank N26. With a full public launch planned for November, the firm has today begun a phased rollout of its app and card offering.

N26 is Continental Europe’s biggest neo-bank, with over 1.5 million customers across 17 European markets.

Much like its UK rivals, the core proposition revolves around a fast sign-up process, spending categorisation, spending goals and sub-accounts, cheap overseas spending and so on and so forth.

Perhaps more so than any other app bank (with the possible exception of Monese), N26 has majored on premium options. It offers both ‘Black’ and ‘Metal’ membership packages. Both are paid-for but the latter comes with a wider range of perks. The bank says these accounts, its overdraft facility and mobile payment solutions will arrive in the UK in due course.

N26 has held a European banking licence for two years, having initially operated through partnerships with established banks.

UK-based banking challenger Revolut is currently in the process of applying for a European banking licence. Both companies are also busily working towards launching in the US. Revolut has recently launched a metal card of its own, to pair with its existing premium account. The two startups, in short, seem poised to compete on multiple fronts.

Valentin Stalf, CEO and co-founder of N26, said in a statement: “The UK is one of the most digitally advanced countries in the world. At N26, we have redesigned banking for the digital age and as a result we’re the fastest growing mobile bank in all European markets we operate in. Backed by our state-of-the-art technology stack and an intuitive, user-centric design, today’s launch is the first step towards delivering the best digital banking experience possible for UK customers.”