N26 plans to create 300 more jobs in Brazil

After setbacks in the USA, the UK and Europe, Neobank wants to focus more on Brazil.

The Berlin-based neobank N26 wants to create hundreds of jobs in Brazil, as Finance Forward reports. Around 60 people currently work for N26 in São Paulo. Around 300 new employees are to be added by the end of 2022. Even for a fintech as large as N26, this is a huge number. Neobank currently employs over 1,500 people. About a year ago, N26 received a license from the Brazilian central bank. Now the bank seems to be fully committed to the South American country.

The plans for Brazil could be a change in strategy that was decided after setbacks in other markets. The financial regulator Bafin forced N26 to restrict its growth: among other things, N26 is only allowed to accept 50,000 new customers per month. This decision applies to EU countries. The bank also withdrew from the UK. In November, it even withdrew from the USA. Brazil could have more potential as a foreign market. However, N26 now has to assert itself there against top dog Nubank.

N26 is currently said to be worth around nine billion US dollars. Valentin Stalf and Maximilian Tayenthal founded Neobank in 2013. They launched their product in Germany and Austria in 2015. N26 now has over seven million customers in 25 countries. N26 is active in ten locations: Amsterdam, Berlin, Barcelona, Belgrade, Madrid, Milan, Paris, Vienna, New York and São Paulo.