N26 receives license for Brazil
Lisa Marie Münster
| 06.01.2021
N26 is now also allowed to present its offer on the Brazilian market. The potential is great.
As early as the end of December, online bank N26 apparently received a license from the Brazilian central bank. A market entry was announced two years ago, but the bureaucratic process delayed it until now.
In mid-December, founder and CEO Valentin Stalf was still cautious, saying that N26 wanted to focus on its core European markets. The license came as a corresponding surprise, Finance Forward
estimates. And offers more freedom to the team on the ground. The Brazilian license is one tailored to FinTechs, allowing them to operate without a partner bank in Brazil, which brings much more flexibility and independence.Since its founding in 2013, N26 has so far been able to win over five million customers; Brazil, with a population of over 200 million, could offer great potential for the Berlin-based start-up. As of yet, the Brazilian website only gives users the option to sign up for news.
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N26
N26 is the first bank you will love. It offers a mobile bank account with no hidden fees.
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