8.6 C
New York
Sunday, January 24, 2021
Home Challanger banks N26 is authorized to operate in Brazil

N26 is authorized to operate in Brazil

N26, a German digital bank, received authorization from the Central Bank to operate in Brazil.

Read also: Revolut accused of failing to pay bonuses to employees

The company, which had announced plans to operate in the country in 2019, has been offering a waiting list on its website for a few months.

Almost two years after announcing that it would come to Brazil, the German digital bank finally received the authorization.

In addition to a digital account, N26 plans to offer services such as personal credit and investments.

Under the legal name N26 Sociedade de Crédito Direto, the bank’s Brazilian operation will be based in the city of São Paulo. 

The N26 is controlled by founders Valentin Stalf and Maximilian Tayenthal, but implementation in Brazil has been coordinated since 2019 by Eduardo Prota.

According to Valor, Prota explained last year that the N26 will offer its own products and those of partners.

The executive also said that the bank will have several options for subscription plans, which will offer advantages to customers. The company’s website guarantees that there will be no “hidden fees” or “maintenance costs”.

Despite economic woes, Brazil has emerged as an unlikely global leader in the next generation of banks. It is home to the largest digital-only bank in the world, Nubank, which boasts 20 million customers and has expanded to Colombia, Mexico, and Argentina.

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Monzo Bank founder Tom Blomfield is leaving the company

Tom Blomfield who co-founded Monzo Bank 2015, is leaving the digital bank, citing "challenges" from the pandemic, TechCrunch reported.

UK Government voted down BNPL regulation bill

70 MPs have decided to vote down a bill which was supposed to regulate buy now, pay later companies like Klarna, Laybuy and Clearpay.

Curve raises $95 million as it eyes US expansion

London-based Fintech Curve secured $ 95 million in its latest investment Series C funding.

Challenger bank Revolut applied for UK banking license

Revolut has submitted an application for a banking license to the U.K. Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).