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