Berlin neobank N26 is taking a big step into the financial sector with launching its new stock and ETF trading product. In partnership with fintech Upvest, this initiative allows users to buy and sell stocks and ETFs for only €0.90 per transaction via the N26 app. “N26 Stocks and ETFs will allow our customers to manage all their finances in the N26 app” welcomes Valentin Stalf, CEO of N26.
The introduction of this service begins in Austria, and expansion to other countries is planned during the year. N26 offers sub-investments in over 100 ETFs from just €1, making investing in the stock market accessible to everyone. “Our customers can spend, save and invest all in one app at extremely competitive prices, with no hidden fees and a great user experience” adds Valentin Stalf.
N26 on the way to profitability
This initiative is part of N26’s overall strategy to offer a wide range of banking products to key markets. After pulling out of Brazil in November, as well as the UK and US in 2020 and 2021, N26 is now focusing on its core European markets, including Austria, Germany, France, Spain and Italy. This refocusing marks the transformation of N26 into a bank that offers a full range of products, moving slightly further away from its image as a neobank.
Although it has faced increased regulatory scrutiny in recent years and still has a limit on customer records imposed by German regulator BaFin, N26 remains optimistic about profitability. Its CEO said so TechCrunch that the company should be profitable on a monthly basis in the second half of the year, based on the almost break-even results achieved at the end of 2023.
in parallel, N26 strengthens its controls against money laundering to better comply with the regulatory authorities. Efforts aimed at lifting the current restrictions in the coming quarters. And to better fight its competitors, especially Revolut, whose unabashed growth remains unique in the neobanking sector.
- N26 launches stock and ETF trading service with Upvest, offering trades at €0.90.
- The service will first be launched in Austria with expansion planned to other European countries, enabling partial investments from €1.
- After withdrawing from some international markets, N26 is focusing on Europe and targeting profitability in 2024.
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