European mobile-first bank N26 has announced that it is expanding into insurance in its latest move to reinvent banking.
Founded out of Germany in 2013, N26 offers bank accounts similar to those offered by BankMobile or Simple in the U.S., with a focus on speed and efficiency -- an account can be opened within eight minutes of applying. Originally only available in Germany and Austria, the service has slowly been expanding across the Eurozone and now claims 300,000 customers in 17 countries. N26 has raised more than $50 million since its inception, with participation from notable backers such as Peter Thiel's Valar Ventures, which led its Series A round back in 2015 and joined again for the $40 million Series B follow-up a year later.
Formerly known as Number26 -- before a rebrand last summer-- N26 has a long-stated mission to create a modern, mobile-first bank built from the various fintech technologies and services that have emerged from the internet age. Last February, for example, N26 partnered with peer-to–peer money-transfer firm TransferWise, giving Number26 customers in-app access to a cheaper money-transfer service.
"Our goal is to leverage the best banking products from around the world and make them accessible to customers with one tap, creating a fintech hub inside the Number26 app,” N26 cofounder and CEO Valentin Stalf explained at the time.
The TransferWise collaboration was followed by a new investment product in conjunction with Vaamo and a savings account in partnership with Raisin. And now the company is adding insurance to the mix thanks to a tie-up with German Insurance platform Clark. N26 calls this the "next step" in its strategy to become the one-stop app for its users’ every financial need.
