Tencent-backed German fintech bank N26 launches in the UK

Finance


The digital banking challenger’s arrival in Britain comes at a trying time for the country’s relationship with the rest of Europe.

Politicians in both Westminster and Brussels have been engaged in tense negotiations about their future ties over trade, security and more as the U.K. prepares to withdraw from the European Union in March 2019.

Both sides are trying to secure a deal that will see at least some alignment between Britain and the EU continuing beyond Brexit, but an overhanging risk that the two sever ties without an agreement remains worrying for businesses.

Asked whether N26’s expansion to the U.K. was timed with Brexit in mind, Stalf said: “I think that wasn’t really related to the Brexit, and if you look at our rollout, we’ve been to Germany, Austria, then we rolled out to all the euro markets in Europe, and now we’re rolling out to the first multi-currency market in the U.K.”

He added that N26 was looking to broaden its footprint to other European countries that do not use the euro, like Sweden and Denmark, before it enters the U.S.

And N26 is a bank with global ambitions, its chief said, adding it could enter markets beyond Europe and the U.S. “in the next maybe 12 to 24 months.”

“I think the U.K. is the next step, but I think what we think is really about building a global bank the world loves to use which is really kind of our mission.”



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