Like most digital banks, N26 is rapidly expanding its operations. Specifically, the disruptor is launching its premium account in The Netherlands, Belgium, Luxemburg, Portugal, Latvia, Estonia, Slovakia, Lithuania and Finland. The account, N26 Black, was previously available in Germany, Austria, France, Spain, Italy and Ireland.
At €5.90 a month, the account comes cheaper than rival Revolut's premium offering (priced at £6.99 a month). The benefits to users are wide-ranging, especially for those with a global lifestyle. These include special deals when buying goods or services (such as car rental) from qualified vendors. This is all wrapped up in what N26 calls “World Elite” status.
Beyond world elitism, premium users will also benefit from travel insurance, offering reimbursement for hospital expenses in the case of acute medical emergencies. Users can claim expenses incurred for flights delayed more than 4 hours, or if their luggage arrives more than 6 hours late. They’re also covered for certain instances of phone and cash theft.
But perhaps most significantly, premium users have the benefit of unlimited ATM cash withdrawals outside of the Eurozone, at the Mastercard exchange rate, free of charge. Within the Eurozone, users are governed by N26’s fair use policy, which limits them to 5 free ATM withdrawals per month. In Germany, however, users may withdraw cash for free at over 7,000 retail stores.
Of course, N26 Black users will also enjoy all the usual perks of the app, which include: real-time push notifications for payments, spending analytics, real-time peer-to-peer payments, and so on.
“N26 Black is designed for the global lifestyle of today's digital native, combining various benefits with an exclusive design,” said Valentin Stalf (pictured), founder and CEO of N26. “Just as we have continued to add additional products around our standard current account in Germany, we are now expanding our product portfolio in other markets rapidly.”
The scramble to go global beginning to take hold in digital banking. Revolut raised $66m in July, expressly for the purpose of funding global expansion.
In addition to expanding geographically, N26 has also been expanding its product set, as referenced by Stalf. The company partnered with marketplace lender auxmoney in July, expanding the range of consumer loans on offer to its customers.