German digital bank N26 begins test phase in Brazil

RIO DE JANEIRO, BRAZIL – German digital bank N26 starts this Thursday (4) the test phase of its operations in Brazil. The fintech will select people from the waiting list with almost 200,000 subscribers to test and co-create its new product.

This is the last stage before the launch into the market, in the first half of 2022. Brazil is N26’s 26th operation, with a 100% local team to account for the country’s particularities.

“In recent years, we have seen great advances in the relationship of Brazilians with banks. Digital access and a closer, user-centered relationship have allowed millions of digital accounts to be opened. But even so, Brazilians’ relationship with money has not improved,” says Eduardo Prota, General Manager of N26 Brazil.

The institution’s proposal is not to launch one more digital bank in the market. The team is committed to bringing an effective solution for financial planning applicable to people’s daily lives.

In October, the global N26 announced its newest investment round, Series E, of US$900 million. It was the most significant funding round ever for a digital bank in Europe. The funding values the company at more than US$9 billion.

With funding from companies like Third Point Ventures, Coatue Management, Dragoneer Investment Group, in addition to N26’s current investors, the fintech is the most valuable in Germany.

N26 is expected to process more than US$90 billion in transactions in 2021 and is present in 25 countries. It will use the funds from the new funding to consolidate its international presence and expand its mobile phone offering and hire 1,000 new employees in the coming years. The fintech was founded in 2013 by Valentin Stalf and Maximilian Tayenthal.