A German fintech company, N26, has secured banking license and is readying to offer a full range of banking products across Europe. The company, whose mobile app allows European consumers maintain an account, transfer money and pay by MasterCard from their smartphones, said in a statement it is now licensed as a bank by the European Central Bank and Germany’s BaFin financial supervisory authority. The startup, which changed its name from Number26, said the license will let it offer savings, investment, credit and insurance products from partners. N26 said it plans to offer new services, including the ability for consumers to split expenses like restaurant bills directly from their phones, and that it plans to generate more revenue from credit card transactions and commissions from partners. The startup counts the Silicon Valley billionaire Peter Thiel among its investors, and in June landed a $40 million investment round led by Hong Kong billionaire Li Ka-Shing’s Horizon Ventures. Valentin Stalf, co-founder and chief executive of N26, said the license means the start-up can now expand its retail banking product throughout the EU.
