Challenger bank N26 has made bold strides this year with big hires, product releases, and funding rounds which have led to its growth and allowed its customer base rise 50% since last December. The latest leap is the bank’s announcement of N26 Smart, its new mid-tier subscription plan with advanced banking features.
Launched in 2013 by Maximilian Tayenthal and Valentin Stalf, the company is headquartered in Berlin and currently has 5 million customers globally. The bank has raised close to $800 million to date and it employs more than 1,500 people.
This new premium bank account will be rolled out across Europe and a subscription costs €4.90 per month. N26 smart will sit among the company’s existing subscriptions N26 You and N26 Metal, all varying by cost. N26 Smart subscriptions will be aimed at people who aren’t looking for travel insurance. Subscribers can create up to 10 sub-accounts, enjoy three free withdrawals per month, and have access to support via phone or in-app chat. N26 users will be able to also purchase up to the nearest Euro and save the difference in a separate smart account.
At the next level up, N26 You costs €9.90 per month, offers higher limits, five free ATM withdrawals (instead of N26 Smart’s three), and free withdrawals in foreign countries. N26 You account holders can also create sub accounts called N26 spaces for sharing with other N26 users or use them to earn savings. N26 You also provides travel insurance with medical travel insurance, flight, and trip insurance, alongside partner offers. The most expensive plan is N26 Metal which costs €16.90 per month where, on top of all of N26 You’s features, subscribers get car rental insurance while abroad and phone insurance.
This new feature is announced as the company’s recently appointed Irish Chief Operating Officer Adrienne Gormley has shared that the company has set its sights on capturing one million customers in Ireland. Having only joined last month, Gormley has shared with the Irish Times, “Our ambition is to get to one million customers in Ireland, and why not? We recently passed 150,000, and hope to hit the 200,000 target early next year.” The goal is reasonable given that digital banking is well adopted by Irish consumers.
To this, Gormley further added, “If we continue to look at what customers want and deliver value then I believe we can achieve our aim. We’re seeing people in Ireland embracing digital transactions more, particularly during the Covid crisis, and big traditional banks are finding it difficult to do some services well, so I think there are opportunities.”
