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N26: How to expand your startup to other countries and start competing

Banking startup N26 is preparing to launch in Brazil. This was announced by founder Maximilian Tayenthal at the Mobile World Congress in Barcelona. Brazil is the second non-European country after the US where N26 wants to offer its services. However, the US launch is planned ahead of Brazil in the first half of 2019. Further information on the schedule did not give the company.

About N26 and Brazil

Eduardo Prota is currently building up the team for the Brazilian market, according to the company. According to N26, Prota has “more than ten years of experience in the banking and payment sectors as well as the startup industry”. The co-founder of the rocket startup Tripda he was responsible for leeks in 13 markets in Latin America, Asia and the United States.

Competition with prominent financiers

In Brazil, N26 competes with Fintech Nubank. The company is valued at $ 4 billion and has prominent sponsors such as DST Global and Sequoia. Tencent N26 spearheads led Nubank’s last major round of financing.

In the next two years N26 wants to open up further markets. The roadmap includes Australia, Canada and Mexico, as the company announced in January.

At the beginning of the year the Berlin startup had received 260 million euros from investors, with a valuation of 2.3 billion euros. This makes it six years after its founding one of the highest rated startups in Germany.

Published inStartups

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