N26 Inc., a U.S. unit of German challenger bank N26 GmbH, has grown to 250,000 customers since launching in August 2019.
The growth announcement follows the announcement last week of the company reaching 5 million customers globally.
“The vision when we launched N26 in the U.S. market was to to fundamentally change banking by creating an experience that people enjoy through the use of innovative technology and design perks,” Lindsay Grossman, director of product at N26, in a phone interview.
N26 is one of the fastest-growing challenger banks around the world, having raised $670 million at a valuation of $3.5 billion.
The startup bank partnered with Axos Bank to provide $250,000 in FDIC coverage for U.S. customers and a free Visa debit car. U.S. customers can get two-day advances on their money when they use direct deposit, transfer funds through a P2P technology called MoneyBeam and put away savings in a sub-account called Spaces, which does not., however, pay interest.
N26 also partners with Allpoint to provide surcharge-free withdrawals at more than 55,000 ATMs worldwide and provides a debit rewards program, called Perks, which includes benefits from a range of partners that include Booking.com, Lime and Headspace.
The bank also has plans to expand its range of products in the U.S., however, officials could not be more specific about those details.
Cover image: N26