German “Amazon of the financial world”?
Berlin-based start-up N26 is setting itself ambitious goals – and moving ahead at a remarkable pace.
The “next big thing”? Companies in the fintech sector are flourishing. In Germany, too, a large number of innovative business start-ups are currently making a mark in the financial services industry. N26 comes from Berlin. The company offers free current accounts managed with the aid of a smartphone. Recently, N26 collected no less than 40 million US dollars of fresh capital. An especially large investment came from Horizons Ventures, the venture capital fund of the richest person in Hong Kong, Li Ka-shing.
N26 can put these large sums to good use: Valentin Stalf, co-founder and chief executive of N26, revealed to the news magazine Der Spiegel that the company’s goal was to become the “Amazon of the financial world”. The founder envisages a far-reaching transformation of the banking sector: “Jobs will move to the fintech world, where people can play a more active role and work in a more entrepreneurial way.” Just one and a half years after its launch, N26 has now received a full German banking licence – and further developments are already planned for the coming months, such as real-time loans and increased security through the application of artificial intelligence.
