N26 plans to create 300 more jobs in Brazil

After setbacks in the U.S., the U.K. and Europe, Neobank plans to focus more on Brazil.

Berlin-based neobank N26 plans to create hundreds of jobs in Brazil, as Finance Forward reported. So far, about 60 people work for N26 in São Paulo. It plans to add about 300 new employees by the end of 2022. Even for a fintech as large as N26, that's a huge number. Neobank currently employs over 1,500 people. About a year ago, N26 had received a license from the Brazilian central bank. Now the bank seems to be fully committed to the South American country.

The Brazil plans could be a change in strategy decided after setbacks in other markets. Financial regulator Bafin forced N26 to limit growth: among other things, N26 is only allowed to add 50,000 new customers per month. This decision applies to the countries of the EU. In addition, the bank had withdrawn from the UK. In November, it had even said goodbye to the USA. Brazil could have more potential as a foreign market. However, N26 must now 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. In 2015, they had launched their product in Germany and Austria. 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.