Asia Express - Consumer Electronics
New Mobile Bank Startup N26 Backed by Tencent Kicks Off Services in the UK
October 12, 2018

With a total of USD 213 million raised, Germany-based Tencent-backed Fintech startup N26 recently launched its new mobile banking app services in the United Kingdom and is set to expand to the United States in the first quarter of 2019, the CNBC News reported on October 3. The UK is the 18th market that N26 has set foot into. Over 50,000 people who have pre-subscribed to the service in the United Kingdom will be given access to a mobile banking app and a Mastercard debit card which doesn't charge fees on transactions. Furthermore, the company will also have a platform which comprises of various products and has a 50% increase in subscription base during the last four months to approximately 1.5 million subscribers so far. Early this year, a group of investors led by Tencent and along with German Allianze and PayPal's co-founder had invested a total of USD 160 million into N26. Before officially partnering with an US company whose details have not been disclosed, N26 is planning to enter other non-Euro European countries such as Sweden and Denmark first.