German neobank N26 – among the top-tier European fintech firms with a $9-billion valuation – is reportedly fully prepared to introduce crypto and equities trading, following its efforts for a global expansion.
Specifically, regardless of being an early player to the financial tech boom throughout Europe, the Berlin-headquartered online bank N26’s goals for the global market came across a setback, in terms of service diversification, as revealed by Max Tayenthal – co-founder and co-head of N26.
Following its pull-out of two critical fintech markets – the United States and the United Kingdom – N26 reportedly aims to “sharpen its focus on its European business”, via rolling out new products and services to its pool of 7 million customers.
Per Tayenthal, who believed that further expansion of the online bank’s product universe is necessary, N26 reportedly has a goal of a crypto trading business next year, followed by an equities brokerage rather than “putting flags in new markets.”
The N26 mobile app at the moment does not support crypto features, and functionalities of the upcoming product associated with crypto trading still have not been rolled out.
N26 reportedly disclosed details related to its exit from the U.S. market in November, upon its teasing of additional financial products and services catering to its EU-based customers.
“N26 will focus its strategy on broadening its digital banking experience into new verticals to include investment products in the coming year”.
The firm reportedly had to deal with a few restrictions from German watchdog the Federal Financial Supervisory Authority (BaFin) in May last year, partly because of the insufficiency in Anti-Money Laundering controls.
BaFin reportedly ruled that N26 – which accepted an average of 170,000 new clients on a month-to-month basis in 2021, cannot onboard over 50,000 customers per month.