N26’s banking license—how a banking license benefits our customers

N26’s banking license—how a banking license benefits our customers


So Markus, it’s been quite a while
already but, do you remember your first day at the offices of N26? Well, the first day was amazing. I remember being the only one wearing a suit and people kept shooting around with toy guns very strange, but at that moment
I knew it was the right place to be. You knew you arrived in the startup, right? Absolutely. So Markus, as we’re celebrating our
second anniversary of receiving a banking license today, could you maybe
elaborate what exactly a banking license is? As you know banking is all about
trust so the regulator wants to make sure everybody who is offering banking services really does it on a purpose and knows
what he’s doing. As you have been there from the very beginning, from the early
days, why did you want a banking license anyway? So the two founders always had
the clear vision that if you want to disrupt an industry and really change an
industry you need to take a larger part of the value chain. So for us that meant
with our own banking license to be fully in control also of the technology in the
background we could really bring the best innovation and the best products to
the customers. We really want to be a pan-european bank as you know, and with their own banking license we’re really able to scale across many markets very
easily. A lot of hard work really went into making this possible from from you
and the whole team to actually get the license but then also to launch N26
Bank. The day today, two years ago, when we got the license, what’s the moment that
you most vividly remember from that day? Well, I think the most emotional moment
was when we received that welcome letter from the European Central Bank signed by
Draghi getting the license that was really a great moment. For the whole team I guess? Absolutely.

2 Comments

  • MrBrunkos

    July 18, 2018

    Well done. I like your Product. I am really happy with this and i use it now since 2017 as my mainly Bank Account.

    Reply
  • Richard Gillespie

    February 19, 2019

    In Spain I am told that you have to pay your tax and social security from a "Spanish Bank". Does N26 meet this criteria?

    Reply

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