N26 GmbH, the startup challenger bank based in Germany, launched its N26 Inc. mobile banking service in the U.S., under a partnership with Axos Bank and Visa.
The mobile banking app, which has a waitlist of 100,000 customers in the U.S., includes a no-fee checking account that is FDIC insured and a Visa debit card.
“The U.S. launch is a major milestone for N26 to change banking globally and reach more than 50 million customers in the coming years,” Valentin Stalf, co-founder and CEO, said in a company release. “We know that millions of people around the world and particularly in the U.S. are still paying hidden and exorbitant fees and are frustrated by poor banking experiences.”
The service is currently in beta and waitlisted customers are being sent invitations to sign up for the full service. N26 plans to offer additional account features, including two free ATM withdrawals per month and a later premium tier account called Metal.
All accounts will have a feature called Spaces, which is a sub-tier account designed to help customers organize their finances and achieve longer term financial goals.
After launching in 2015, the bank has 3.5 million customers in 24 European markets. In May, BaFin, the German financial regulator, ordered the bank to take additional steps to tighten up its internal protocols to comply with money laundering regulations.
The bank issued an update in April regarding steps it was taking to verify identity and to tighten other protocols.
Companies: N26 Inc.