20 October 2017
visit www.response.ncr.com

Number26, a smartphone-only banking service, launches in Germany

26 January 2015  |  20442 views  |  1 Woman texting using smartphone

Dubbed 'the Simple for Europe', after the US-based banking startup now owned by Spanish Bank BBVA, online-only bank Number26 has begun taking deposits from pre-invited customers in Germany and Austria.

Number26 relies on a banking license from Wirecard Bank, a German-based institution which will act as the startup's strategic partner. The firm claims that account openings will take less than eight minutes and are completed entirley on a smartphone. The mobile app for iPhone and Android is now available.

“The bank branch of the future is the smartphone. That’s why with Number26 we have created a bank account the way it should be – transparent, mobile and secure,” says Valentin Stalf, founder and CEO of  Number26.

Once opened, all Number26 bank accounts come with an attached MasterCard. The account and associated MasterCard are offered without fees. The banking startup also offers worldwide money withdrawal, free of charge. The startup claims that since it is not supporting a branch network, the associated costs are not passed on to the customer.

Transactions are displayed on a smartphone app, which include statistics to help customers manage their finances. For every account movement or card transaction, the user receives a notification on his or her smartphone in real time. Money transfers can also be enabled via e-mail or text message. Account opening identity is verified via a video call, with no printed documents required. 

“We are happy to support Number26 with its attractive mobile banking solution. This way, we are taking the next step towards a customer-friendly, transparent and safe mobile banking experience together,” says Wirecard Bank director Alexander von Knoop.

Currently, the bank account is available in Germany and Austria. The firm claims that due to the high volume of pre-signups, an invitation to open the account is necessary. Expected waiting time for new subscribers is now four to six weeks. Existing customers, however, have the opportunity to invite friends who can then sign up immediately and skip the waiting list.

Founder and CEO Stalf explained his startup's business model and banking goals in a recent Finextra webcast, A look at the exploding world of FinTech - available to listen to on demand now. 

Comments: (1)

A Finextra member
A Finextra member | 26 January, 2015, 12:03

Congratulations @valentinstalf, looking fwd to see the success stories #Number26 would create and be a milestone for #Digitalbanking in EU!

I hope the existing regulations would be flexible enough to facilitate easy client onboarding and online sales of banking products. And Number26 would be an example for all other banks in EU - which would like to empower their digital channels. #ttavlas

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Gates makes mobile banking bet

Gates makes mobile banking bet

22 January 2015  |  19963 views  |  4 comments | 55 tweets | 46 linkedin
Mobile continues to dominate at top US banks

Mobile continues to dominate at top US banks

15 January 2015  |  14745 views  |  0 comments | 32 tweets | 21 linkedin
Mobile overtakes all other channels for banking interactions - Bain and Company

Mobile overtakes all other channels for banking interactions - Bain and Company

22 December 2014  |  21403 views  |  0 comments | 56 tweets | 49 linkedin
Moven wins app licensing deal with TD Bank

Moven wins app licensing deal with TD Bank

01 December 2014  |  8058 views  |  0 comments | 13 tweets | 9 linkedin
BBVA buys Simple for $117m

BBVA buys Simple for $117m

20 February 2014  |  11861 views  |  1 comments | 11 tweets | 17 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.innotribe.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
satelliteGates Foundation backs Ripple collaboratio...
8475 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8380 views comments | 21 tweets | 26 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7497 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
6892 views comments | 10 tweets | 22 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6557 views comments | 14 tweets | 23 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job