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N26 is likely set to launch in Turkey

According to the Turkish-language service of “Bloomberg”, N26 is considering a launch in the Turkish market.

Bloomberg HT has obtained information from senior sector officials, that Germany-based N26, one of the largest digital banks in Europe, knocked on the door of the BRSA to enter the Turkish market. 

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While it was learned that the German bank was very eager to enter the Turkish market, it was stated that it had met with the BRSA several times.

It remains unclear, however, whether N26 wants to be active on-site alone or with a Turkish partner.

When asked, N26 did not confirm the plans: “N26 is currently not planning to enter the Turkish market.” 

“We will continue to focus on growing within the European Union, strengthening our presence in the US and preparing for expansion into the Brazilian market.”

The Turkish market is likely to be particularly interesting for neobanks such as N26 because there is a significantly larger number of young people there than in other EU countries. 

In the age group from 18 to 35 years, the average is more than 15 percent higher than the EU average. With a total of 83 million inhabitants, there is, therefore, a clear potential to attract new, digital fluent customers.

On the other hand, however, Turkey is known for being regulatory complex. Just a reminder: Paypal even withdrew from Turkey a few years ago, exasperated.

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

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