Striving for worldwide development has caused N26 to fall behind in crypto and stocks trading, says co-founder of N26’s
After struggling for worldwide development, one of the largest European fintechs with an evaluation of more than $9 billion, German neobank N26, is now ready to handle crypto and stocks trading.
According to co-CEO Max Tayenthal and N26 co-founder, notwithstanding being a pioneer in Europe’s financial tech boom, based in Berlin an online bank N26’s worldwide ambitions hampered its service diversification.
N26 intends to “refine its emphasis on its European business” after departing two important fintech sectors, USA and UK, by delivering new goods and services to its 7M clients.
Instead of “placing flags in emerging markets,” Tayenthal, who recognised that the online bank’s service universe has to be expanded, said N26 plans to create a crypto trading firm in 2022, trailed by an equities brokerage.
The N26 phone application does not presently support cryptocurrency, and details about the planned product’s crypto trading capabilities have yet to be published.
When N26 promised further financial goods and services for its European consumers in November, it announced its withdrawal from the United States market. “In the next year, N26 shall focus its approach on growing its digital banking experience into other sectors, including investment products,” according to the statement.
In May 2021, the German financial authority BaFin imposed many limitations on the corporation, owing in part to a lack of anti-money laundering safeguards. N26, which took an average of 170,000 potential clients each month last year, has been instructed by BaFin not to accept more than 50,000 new customers every month
