DTC's Daily Digest gives you the latest news on the fastest growing brands in the world. In today's edition: The launch of N26 in the US; Revolut opens a technology center in Berlin WeSwap on the road to fundraising.
Launch N26 in the United States
The European Fintech startup is N26 now Customer acceptance in the United States, The next competitor Monzo state. This means that customers in the U.S. can download a mobile app and create a bank account from their phone in just a few minutes.
Like other competing banks, you'll then receive a discount card that you can control from your mobile app. Each time you conduct a transaction, you immediately receive a payment notification that tells you the amount you just paid.
N26 will launch incremental subscriptions during the summer as a type of pilot program. There are currently 100,000 people on the queue. The N26 will open subscriptions for everyone later this summer. When the N26 launches its final product within two months, the company says it plans to find and recover fees paid by ATM operators automatically.
N26 currently has 3.5 million customers In Europe and raised More than 500 million dollars In total so far. There are now 1,000 people working at N26 in Berlin, 60 in New York, 80 in Barcelona, and a small team of five to 10 people starting soon in Vienna.
Revolut opens the Techno Center in Berlin
Startup Fintech Revolut Small opens Technology Center Berlin. There is already an abundance of artistic talent in the city, which includes the N26. Revolut plans to employ 80 people initially for many different technical functions, from software engineering to data science, product and growth.
This is not just recruiting talent in other cities. Revolut plans to customize its product a bit more to the German market, and more generally in Europe. The team in Berlin will also work on the feature-free equity trading feature of Revolut, a type of rival for Europe's Robinhood. The company is also working on an application for children, possibly as an alternative to the first bank account.
There are currently 150,000 Revolut users in Germany. The company will have a local marketing and communications team to expand more strongly in this market.
It is still difficult to create a global fintech application that works worldwide. People manage their money in different ways depending on the country where they live. Emerging start-ups also realize that they have a strong product at home.
WeSwap on the way fundraising
WeSwap, peer to peer exchange platform Collected more than 2.2 million pounds through seeds. Platform, which has more than 500,000 users Allows customers to exchange currencies with other travelers through peer-to-peer technology, global money spending, price tracking and sending money to friends.
They also developed a range of new products for travel funds – including repurchase, cash delivery the next day and remittances (pilot) – which increased revenue diversification.
Since 2015, WeSwap has designed a powerful and scalable counterparty for travel money, which has facilitated more than £ 255 million. The proceeds of this round of financing will be used to launch them in new markets, with a view to reaching a new state by the end of 2019.
Through the UK's established card and application, the focus here is on developing their money transfer business, with the launch of a subscription model as well.