Following this announcement, N26 is set to close all accounts in the region of Brazil within the next two months. According to the press release, the decision underscores the financial institution’s strategy to focus on its core European markets, as it aims to further strengthen its position as a European digital bank.
The Brazil-based employees will be given the possibility to apply for open positions in N26’s European offices, in order to accelerate the development process of N26’s European business in the future.
The Germany-based financial institution N26 had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In August 2023, the digital bank announced its integration with local payment service iDEAL to its digital banking experience in the region of the Netherlands, in order to optimise payments for its customers and clients. Following this news, the new integration was set to be rolled out gradually in the market to allow all Dutch N26 users to make payments and transfers in an easy and secure manner through the use of iDEAL, without the need to leave the N26 application. In addition, the iDEAL integration was expected to give customers the possibility to execute peer-to-peer (P2P) payment requests through Tikkie, a well-known P2P payment tool in the region.
At the same time, N26 provided an increasingly safe, simple, and complete banking experience for its Dutch customers, while remaining compliant with the requirements and laws of the industry in the region.
Earlier in May 2023, the company launched a new insurance set of services for `You` and `Metal` personal and business account holders. The new solutions were developed in order to provide premium clients with optimised features for their daily transactions. The coverage aimed to improve the manner in which the company protected them from unexpected events, while also comprising new benefits and upgrades to the existing tools, as well as exclusive benefits for `Metal` account holders.
One of the new upgrades involved travel insurance, as the company made sure that the account holders had access to improved protection in the event of disruptions to their travel plans. In addition, the travel delays were covered after just a two-hour delay instead of four, as well as baggage delays after four hours instead of twelve. The coverage was updated to include personal liabilities up to EUR 500.000 per trip, and it also covered the families or travel companions of premium account holders and users.
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